BT shares fell on Thursday after the company released Q3 earnings and said it saw revenue falling by 2% in the full year.

BT said their underlying revenue fell 3% to £15.7bn in the first nine months of the year.

The group said their revenue fell due to decline in their legacy BT voice product and lower postpaid mobile revenue.

The Openreach business unit saw a 4% increase in revenue, whilst all other units saw declines. The Global business unit saw the biggest decline in revenue falling 11%.

BT shares were down over 4% by midday in London trade.

“BT has had a good quarter with encouraging market share performance, and we continued to make significant improvements in customer service, although revenue from our enterprise divisions was softer than we expected,” commented BT CEO, Philip Jansen.

“We had another record-breaking quarter on our full fibre build and a pleasing 37% increase in FTTP connections following the launch of Openreach’s wholesale pricing offer. Our 5G build is also on track and now covers over 40% of the UK population with independently verified network leadership.”

Despite a strong market share, analysts pointed to the companies traditional businesses as a cause for disappointment .

“BT is making tracks to improve its content position, which in today’s climate is no bad thing. That said, there’s an argument that sport is a lot more sheltered from changing media habits than other mediums, so while BT can’t rest on its laurels, it has a bit more breathing room. BT Sport is a genuine asset,” said Sophie Lund-Yates, equity analyst at Hargreaves Lansdown.

“It’s disappointing to see other areas of the business looking less bright as Covid disruption and supply issues continue. The telecoms giant is weighed down by a number of legacy products that have been falling out of favour for a while. The issue with being an internet or phone service provider is that the main differentiator on product, is price. That’s a tough place to be.”

Cranswick has been hit by labour and supply chain, however, the group has benefitted from more in-home dining amid the pandemic.

The pork sector is facing issues as the number of pigs is exceeding demand.

The group said in a trading update: “Given the magnitude of this industry issue, we continue to lobby the government for sector support to help alleviate the backlog, including the reinstatement of Chinese export licences and addressing the acute shortage of skilled butchers.”

Adam Couch, the chief executive, said: “We have delivered another strong quarter of growth during which we have supported our customers by delivering excellent service levels to ensure full availability of our products.

“Our outlook for the current year is unchanged and we have a solid platform from which to continue Cranswick’s successful long-term development.”

Omicron disruption has forced Virgin Wines to lower profit and revenue guidance for the year ending in June 2022.

The group also experienced labour shortages in the run-up to Christmas, causing them to see a £800,000 fall in sales.

“Like many businesses, we experienced several operational challenges in the Period due to well-publicised, external, macroeconomic factors including labour market shortages caused by the emergence of the Omicron Covid-19 variant, staff absences due to illness/self-isolation, freight disruption and inflationary pressures,” said Virgin Wines.

In the six months ended 31 December, the group reported a 55% increase in revenues.

Chief executive Jay Wright said: “This performance continues to reflect the strength of our award-winning consumer propositions, the ongoing loyalty of our existing customers, the quality of our wines and our growing reputation for outstanding customer service.”

“Despite current headwinds we look forward to the future with optimism,” he added.

Compass has said that its guidance remains unchanged for 2022.

Revenue grew by 38.6% in the three months ending 31 December for the foodservice multinational group thanks to growth in all regions.

Revenues are expected to increase by 20-25% this year while underlying operating margin is expected to be at 6-7%.

The group said: “We are encouraged by the strong start to the year, excellent new business wins and continued strong client retention,”

“However, we are mindful of some impact from the Omicron variant in the second quarter, with Business and Industry clients delay their return to work, some Sport and Leisure events being postponed and Education facilities extending their remote learning.”

For the three months ending 31 December, Google revenues jumped 32% to $75.3bn – these beat expectations of estimates of $71.652bn. Profits for the period hit $20.6bn.

The group reported better than expected profits, causing shares to increase 7% in after-hours trading.

Advertising revenues increased from $46.2bn to $61.2bn. The company generates more revenue from internet ads than any other group.

“Our deep investment in AI technologies continues to drive extraordinary and helpful experiences for people and businesses, across our most important products,” said Sundar Pichai, chief executive officer of Alphabet and Google.