Tietoevry

The company will use the proceeds to reduce debt and distribute funds to shareholders.

The IT service sector's Q3 earnings season began with cautious optimism, as the market looked for signs of a gradual turnaround in the IT service market. Unfortunately, the sentiment remained mostly cautious.

Tietoevry held a Capital Markets Day yesterday evening, where the company, in its typical fashion, thoroughly explained when and how it expects growth and profitability improvements to materialize.

Tietoevry's Q3 was technically strong in terms of both revenue and earnings, meeting both our and consensus expectations well.

In the rest of the Nordic countries, organic revenue development turned downward and profitability weakened in Q2. Thus, even applying the Rule of 20, the situation in the IT services market remains distinctly challenging, with only one company achieving good performance and two achieving satisfactory performance.