Deutsche Telekom surprised investors on Tuesday when it became the first big European telecoms operator this year to issue a profit warning because of the global economic downturn.

DT’s shares fell as much as 10 per cent after René Obermann, chief executive, said adjusted earnings before interest, tax, depreciation and amortisation would be between €18.7bn and €19.1bn ($24.2bn-$24.7bn) for 2009. Less than eight weeks ago Germany’s leading telecoms company said group ebitda would be €19.5bn.