Deutsche Telecom has dodged the downturn for now, reporting an unexpected 12 percent rise in third quarter earnings. Boosted by its cost-cutting program and lower writedowns, Europe’s largest telecom group reported net income of 1.18 billion ($1.52 billion), up from last year’s 1.06 billion euros ($1.37 billion). According to Bloomberg, analysts had expected earnings to come in at 866 million euros ($1.12 billion). Revenue fell 1.5 percent to 15.45 billion euros ($19.9 billion), slightly above analyst forecasts of 15.4 billion euros ($19.8 billion).

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