Editions:  Austria · Denmark · France · Germany · Italy · Norway · Spain · Sweden · Switzerland
Advertisement

Latin market shines for struggling Telefonica

Share this article

Latin market shines for struggling Telefonica
Telefonica said in a statement that it had achieved double-digit growth in Latin America. Photo: Oscar Paradela
14:09 CEST+02:00
Spanish telecom group Telefonica reported a sharp fall in net profit for the second quarter on Thursday but did better than expected with a strong performance in Latin America.

The giant group said that net profit fell by 13.1 percent to €1.154 billion ($1.5 billion).

This was better than the overall expectations of eight analysts polled by Dow Jones Newswires who had forseen a net figure of 1.053 billion euros.

Telefonica said in a statement that it had achieved double-digit growth in Latin America and that it had benefited from an improvement of activity in Europe.

On Tuesday, it was announced that Telefonica had bought E-Plus, the German subsidiary of Dutch group KPN, for €5 billion in cash and a 17.6-percent stake in Telefonica Deutschland.

Analysts said that the deal was part of a strategy by Telefonica to develop in northern Europe to balance exposure to markets in recession-hit southern Europe.

Get notified about breaking news on The Local

Share this article

Advertisement
Advertisement
Advertisement
Jobs
Click here to start your job search
Advertisement
Advertisement

Popular articles

Advertisement
Advertisement