Telefónica Q3 Profit Plunges On Weak Revenues; On Track To Meet Guidance

(RTTNews) - Telefónica SA (TDE.L), a Spanish telecommunications company, reported Thursday that its third-quarter profit attributable to equity holders of the parent company plunged 98.1 percent to 10 million euros from last year's 502 million euros.

On a per share basis, the company recorded a loss of 0.01 euro, compared to prior year's profit of 0.08 euro, amid lower number of shares.

Adjusted net income increased 5.3 percent from last year to 629 million euros, or 0.10 euro per share, compared to 0.09 euro a year ago. EBITDA declined 2.5 percent year-over-year to 3.26 billion euros, and EBITDA margin improved0.1 percentage point to 32.5 percent.

EBITDAaL was down 3.4 percent year-over-year to 2.60 billion euros.

Revenue declined 2.9 percent to 10.023 billion euros from 10.321 billion euros a year ago.

Service revenue was down 2.2 percent and handset sales fell 9 percent. Underlying revenue growth remained solid.

Looking ahead, the company said it is on track to achieve fiscal 2024 targets.

Telefonica continues to expect revenue to grow nearly 1 percent year-on-year and EBITDA to increase 1 percent-2 percent for the full year.

The company is also on track with 2023-26 guidance, with revenue expected to be around 1 percent higher, and EBITDA around 2 percent higher.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.