Business
Telefonica core earnings steady on partial economic recovery
By Clara-Laeila Laudette
MADRID (Reuters) -Spanish telecoms group Telefonica posted first-quarter core earnings broadly in line with forecasts thanks to reduced operating expenses and a partial economic recovery from the COVID-19 pandemic.
Telefonica on Thursday reported core earnings of 3.42 billion euros ($4.13 billion), compared with the 3.36 billion euro average forecast from analysts polled by the company.
A large part of the cash generated during the quarter was allocated to spectrum auctions in the UK, Spain and Chile.
Investments in radio frequencies vital to building out connectivity in the race to deploy next-generation 5G mobile data cost Telefonica 694 million euros.
Net profit stood at 886 million euros, twice as much as the same quarter a year ago as the company recovered from the economic paralysis caused by COVID-19 lockdowns imposed last spring.
Telefonica’s debt shrank by 6.4% to 35.8 billion euros while earnings per share more than doubled to 15 euro cents.
($1 = 0.8282 euros)
(Reporting by Clara-Laeila LaudetteEditing by David Goodman)
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