TEF

By Mauro Orru

Telefonica SA backed its financial targets and dividend for the year after it reported higher third-quarter revenue on improving handset sales as well as a boost from foreign exchange moves.

The Spanish telecommunication company said Friday that revenue for the July-through-September period climbed to 10.34 billion euros ($10.08 billion) from EUR9.30 billion last year.

Operating income before depreciation and amortization--a key profitability metric for Telefonica--fell to EUR3.25 billion from EUR3.73 billion.

Net profit slipped to EUR460 million from EUR706 million last year.

"Results allow us to confirm our full year-guidance, narrowed to the mid to upper end of the low-single-digit range at H1 22 results, and our dividend commitment for 2022, despite a very challenging macro backdrop," Telefonica Chief Executive Jose Maria Alvarez-Pallete said in a statement announcing the results.

For 2022, Telefonica targets the high end of the low single-digit growth range for revenue, and the mid-to-high-end of low single-digit growth for Oibda.

Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94

(END) Dow Jones Newswires

November 04, 2022 03:00 ET (07:00 GMT)

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