Telefonica sees first-quarter profits plunge

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.

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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