Spanish broadband and telecoms group Telefonica saw net profit fall by over a half in the first quarter after struggles in its home market.
Net profit dropped 53.9% to €748m in the first three months of the year, although the firm indicated that the figure comes in at €1.28bn "in underlying terms". Analysts expected €1.11bn in profit.
Revenue rose 1.6% to €15.511bn compared to the €15.4bn consensus estimate.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The company once again noted the strength in Latin America "that is driving growth for the group accounting for 48% of consolidated revenues and accelerating its revenue growth up to 8.3% year-on-year."
It also pointed out that mobile data revenue had a "strong" performance after registering 15.4% growth.
JM
-
8 of the best properties for sale with equestrian facilitiesThe best properties for sale with equestrian facilities – from a Georgian manor in Ceredigion, Wales, to a period farmhouse with an equine swimming pool in Banbury, Oxfordshire
-
Energy bills to rise by 1.2% in January 2025Energy bills are set to rise 1.2% in the New Year when the latest energy price cap comes into play, Ofgem has confirmed
