<![CDATA[This study analyze the effect of Earning per Share (EPS), stock trading volume, and user base growth on digital service revenue among four major telecommunication companies in Indonesia, specifically PT Telkom Indonesia, PT Indosat Ooredoo Hutchison, PT XL Axiata, and PT Smartfren Telecom during 2015–2024. Using a quantitative approach with annual panel regression, the results show that EPS exerts a negative and statistically insignificant effect on digital service revenue. In contrast, stock trading volume and the number of users have a positive and significant impact, indicating that capital market dynamics and user expansion serve as key drivers of digital revenue performance. The Adjusted R-Squared of 0.9753 demonstrates that 97.53% of revenue variation is explained by the model. These findings highlight the strategic role of financial stability, trading activity, and user growth in strengthening digital revenue performance within Indonesia’s telecommunication industry.]]>
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