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Investing.com -- BT Group (LON:BT) shares climbed 5% on Thursday after the telecom company reported first-quarter operating profit in line with expectations and named Virgin Media O2’s CFO Patricia Cobian as its next finance chief.
Adjusted EBITDA came in at £2.05 billion ($2.8 billion) for the quarter, matching the £2.04 billion average forecast from analysts surveyed by Bloomberg.
Contributing to the positive market reaction, BT reported that customer losses at Openreach, its fixed-line network unit, came in far below estimates.
The business shed 169,000 subscribers in the first quarter of fiscal 2026, roughly half the 356,700 forecast. The result reflects ongoing investment in BT’s fibre network, which now reaches over 19 million premises across the U.K.
Cobian, who currently serves as CFO at Virgin Media O2, will succeed Simon Lowth, who is set to retire. She is expected to join BT in the summer of 2026. The leadership transition follows CEO Allison Kirkby’s appointment last year as she pushes ahead with a major transformation strategy initiated under former CEO Philip Jansen.
"(Cobian’s) leadership, deep industry experience and knowledge will be invaluable, as we continue our once-in-a-generation upgrade of the UK’s digital infrastructure and accelerate BT’s modernisation," Kirkby said.
BT reiterated it remains on track to meet its full-year guidance.
The company is planning to cut over 40,000 jobs and £3 billion in costs by the end of the decade, part of a broader effort to streamline operations and sharpen focus on its core U.K. business.