Millicom Stock Gains As Xavier Niel Reportedly Boosts Bid To $4.4B; Quarterly Earnings Miss Estimates
Portfolio Pulse from Nabaparna Bhattacharya
Millicom International Cellular S.A. (NASDAQ:TIGO) shares rose after billionaire Xavier Niel increased his bid to $4.4 billion. Despite missing quarterly earnings estimates, the company highlighted significant progress in its transformation efforts aimed at increasing equity free cash flow.
August 02, 2024 | 4:12 pm
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Millicom International Cellular S.A. (NASDAQ:TIGO) shares rose by 5.81% after Xavier Niel increased his bid to $4.4 billion. Despite missing quarterly earnings estimates, the company reported significant progress in its transformation efforts aimed at increasing equity free cash flow.
The increase in the bid by Xavier Niel to $4.4 billion is a positive development for Millicom, indicating strong interest and potential for acquisition. Despite missing earnings estimates, the company's significant progress in its transformation efforts and positive outlook for future cash flow generation are likely to support the stock price in the short term.
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