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Deutsche Telekom Shares Drop Sharply

Shares in Deutsche Telekom were down sharply on Monday following a warning from the company over the weekend that it was cutting its earnings outlook in the face of fierce competition in Germany and the negative impact of a strong euro.

In morning Frankfurt trading Telekom shares were down 5.5% to 13.39 euros ($17.27) amid an otherwise little-changed market.

The Bonn-based company said Sunday that it was revising its 2007 adjusted earnings expectations before interest, taxes, depreciation and amortization of to 19 billion euros ($24.6 billion), down from a previous forecast of 19.7 billion-20.2 billion euros ($25.5 billion-$26.1 billion).