VEON (NASDAQ:VEON), a leading global provider of converged connectivity and online services, has unveiled its financial and operating results for the first quarter ending March 31, 2024.

For Q1 2024, VEON reported a revenue of USD 942 million, marking a 6.6% increase in reported currency and an 11.6% rise in local currency compared to the same period last year.

Service revenues also saw significant growth, reaching USD 903 million—a 5.5% increase in reported currency and a 10.4% increase in local currency.

The company's EBITDA stood at USD 386 million, demonstrating a modest year-over-year growth of 0.2% in reported currency and a more substantial 5.1% increase in local currency terms.

Capital expenditures surged to USD 125 million, reflecting a 38.6% increase from the previous year.

Operational highlights for the quarter include a 10.6% growth in VEON’s 4G user base, which now totals 97.4 million users.

Additionally, digital monthly active users across all VEON platforms experienced a significant 40% increase year-over-year.