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1 Year : From May 2018 to May 2019
By Patrick Costello
Telefonica SA (TEF.MC) on Wednesday raised its 2018 revenue guidance on the back of a strong third quarter, in which net profit jumped due to factors including customer growth and a favorable court ruling in Brazil.
The Spanish telecommunications giant said net profit rose almost 36% year-on-year to 1.14 billion euros ($1.30 billion). Revenue in the quarter fell 8.3% to EUR11.70 billion, it said.
Analysts had forecast a profit of EUR744 million on revenue of EUR11.60 billion, according to a FactSet-compiled consensus.
Telefonica said operating income before depreciation and amortization fell 1.4% to EUR4.04 billion.
The company upgraded its 2018 guidance, raising revenue growth expectations to around 2% from 1% previously.
Telefonica said it reduced its net debt in the period by EUR957 million thanks partially to strong free cash flow generation and divestments including the sale of a 9.99% stake in Telxius for EUR379 million.
Write to Patrick Costello at Patrick.Costello@dowjones.com.
(END) Dow Jones Newswires
October 31, 2018 03:12 ET (07:12 GMT)
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