Telefonica 3Q Profit Jumped, Raises Revenue Guidance

Date : 10/31/2018 @ 7:27AM
Source : Dow Jones News
Stock : Telefonica Sa (TEF)
Quote : 8.59  0.0 (0.00%) @ 1:17PM

Telefonica 3Q Profit Jumped, Raises Revenue Guidance

Telefonica (NYSE:TEF)
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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)

Copyright (c) 2018 Dow Jones & Company, Inc.

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