Telefonica beats first-quarter profit forecasts

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Reuters UK

MADRID (Reuters) -Spain’s Telefonica posted a smaller-than-expected fall in first-quarter net profit on Thursday helped by inflation-matching price rises in most markets, operating efficiencies and strength in its cloud and cybersecurity business. Net profit fell 20% to 706 million euros ($742 million) but beat the 470 million forecast by analysts in a company-provided survey. Telefonica’s reported core earnings fell 6.4% to 3.2 billion euros on revenue down 9% to 9.41 billion, beating analysts forecasts of 2.96 billion and 9.07 billion. “The results have exceeded forecasts in the main indicat…

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