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Telefonica announce Q1 figures short of expectations

Fri 13th May 2011

Earlier today Telefonica have announced quarterly profits that fell short of initial estimates, largely due to a contracting domestic market.

Net income for Q1 of 2011 dropped 1.9% to 1.62 billion euros compared with the 1.74 billion-euro average expected by analysts. The operating income for the Spanish arm of the company fell by 11% to 1.93 billion euros.

The company has already spoke of culling the Spanish workforce by 20% over the next three years as they see the Latin American market as the answer to gain economic growth and win back investors discouraged in the Spanish economy. Although revenue from Latin America rose by 26%, profits fell by 0.5% to stand at 36.2%.

Telefonica stock dropped 15 cents, or 0.9%, to 16.82 euros and traded at 16.96 euros at the opening of trading in Madrid, giving the company a market value of 77.4 billion euros. Deutsche Telekom AG, Europe's biggest phone company by revenue, added 0.6% to 10.69 euros in Frankfurt.

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