Liberty Global Ltd. reported its financial results for the three and nine months ended September 30, 2024, showing a mixed performance in revenue and profitability compared to the previous fiscal period. For the third quarter, total revenue increased to $1,935.2 million, up 4.4% from $1,854.5 million in Q3 2023. The nine-month revenue also rose to $5,754.0 million, reflecting a 3.3% increase from $5,570.9 million in the same period last year.
The company's operating income for Q3 2024 was $101.3 million, a significant recovery from an operating loss of $(27.4) million in Q3 2023. However, net earnings attributable to Liberty Global shareholders for the same quarter reported a substantial loss of $(1,434.1) million, contrasting sharply with a profit of $659.2 million in Q3 2023. This decline was attributed to foreign currency transaction losses and other non-operating expenses.
For the nine months ended September 30, 2024, net earnings attributable to shareholders were $(608.7) million, compared to a loss of $(561.8) million in the prior year. The company’s Adjusted EBITDA for the nine-month period was $1,854.4 million, slightly up from $1,823.6 million in 2023, indicating stable operational performance despite the net losses.
Liberty Global's strategic developments included the completion of the Telenet Takeover Bid in October 2023, increasing its ownership interest in Telenet to 100%. Additionally, the company announced plans for a spin-off of its Sunrise entities, approved by shareholders on October 25, 2024. The company also completed the acquisition of Formula E Holdings Ltd. for €150.0 million ($165.7 million) in October 2024, raising its ownership to 65.6%.
Financially, Liberty Global's current assets decreased to $5,197.0 million as of September 30, 2024, from $5,641.6 million at the end of 2023. Cash and cash equivalents increased significantly to $2,364.3 million, up from $1,748.5 million a year earlier. However, total liabilities rose slightly to $23,114.8 million from $23,080.5 million.
The company faced challenges from competitive pressures across its markets, impacting customer numbers and average revenue per user (ARPU). Inflationary pressures on labor and programming costs also affected operating results. Despite these challenges, Liberty Global maintained a focus on strategic acquisitions and operational efficiency to navigate the evolving market landscape.
About Liberty Global Ltd.
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