Telefonica: shares unchanged after 'in line' results

(CercleFinance.com) - Spain's Telefonica announced a 7.
4% rise in Q1 net profit on Thursday, as strong performance in service at home complemented solid growth in Brazil.

Revenues at the Spanish telecom giant fell by 7.2% at 12.19 billion euros, although were up 1.9% in organic terms, driven by the growth of handset sales (+15.9%) and service revenues (+0.6%).

Net profit for the January-March increased to 837 million euros, up 7.4% year-on-year.

Operating income before depreciation and amortisation (OIBDA) decreased by 3.9% to 3.86 billion euros, althouhg rose by 3.3% in organic terms.

The customer base also fell, slipping 1% to 356.9 million customer access points.

Telefonica said that these quarterly results were "in line" with its expectations.

The Madrid-listed shares were pretty much unchanged after the report, inching up 0.2% at 8.6 euros.

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