Millicom International Cellular (NASDAQ: TIGO) reported Q2 EPS of ($1.15), versus $0.44 reported last year. Revenue for the quarter came in at $970 billion versus the consensus estimate of $1.41 billion.

Link to 2Q Earnings Release

Millicom Chief Executive Officer Mauricio Ramos commented:

“The second quarter of 2020 was one of the most challenging in Millicom's 30-year history, but we have responded quickly and decisively to the pandemic. Our primary goal has been to protect our employees and customers and to keep our communities connected during this time of need. The measures we have taken are paying off, as we have maintained or increased market share, preserved cash flow, and have continued to make progress on strategically important initiatives.

The lockdowns had a major impact on our mobile business, especially in those markets with severe mobility restrictions, but we are now seeing some easing, and most of our key performance indicators and our revenue improved in June as compared to April and May.

As we navigate through this crisis, we remain focused on advancing our agenda of the last several years: building a purpose-driven and client-centric organization that attracts a diverse and talented workforce inspired to do great things, the right way. Once again, we were recently recognized as a Great Place To Work, ranking thirteenth among all companies in Latin America, and the number one telco on the list.

Meanwhile, we continue to invest in our state-of-the-art broadband networks, including major mobile network upgrades ongoing in Colombia, El Salvador, Panama and Nicaragua, and we are investing in the digital channels and tools that we need to delight our customers and reduce costs. We remain laser-focused on integrating our recent acquisitions, and we are on track to exceed our initial cost-savings expectations.

The ongoing pandemic presents many challenges in the short term, but I am more confident than ever in the long-term opportunity before us. As the premier provider of fast and reliable broadband in our markets, we are uniquely positioned to benefit.”

For earnings history and earnings-related data on Millicom International Cellular (TIGO) click here.