UPDATE 4-Telefonica quarterly profit tops forecast on price rises, cost cuts [Reuters]
Telefonica SA (TEF)
Last telefonica sa earnings: 2/23 04:01 pm
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Source: Reuters
Telefonica quarterly profit tops forecast on price rises, cost cuts By Inti Landauro 3 Min Read MADRID (Reuters) -Spanish telecom company Telefonica posted a smaller-than-expected fall in first-quarter net profit on Thursday helped by inflation-matching price rises, operating efficiencies and its cloud and cybersecurity business. Shares in the company jumped 4.8%, outperforming the blue-chip IBEX-35 index which fell 1.4%, as Telefonica affirmed its forecast for “low single-digit growth” in full year core earnings and revenue excluding the effect of asset sales. Chief Operating Officer Angel Vila told Reuters that he expected lower staff costs related to job cuts in Spain and Latin America, reduced costs of football rights in Spain, slower increases of energy prices and synergies in Britain and Brazil to further buoy profitability. Net profit fell 20% to 706 million euros ($742 million) in the first quarter but beat the 470 million forecast by analysts in a company-provided survey. Re
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Sec Filings
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- TEF's page on the SEC website