MADRID (Reuters) – Spanish telecom company Telefonica’s first-quarter net profit rose a higher-than-expected 79% on higher revenues.
The company said it booked a net profit of 532 million euros ($571.47 million) in the first quarter out of revenues of 10.14 billion euros.
Analysts expected a net profit of 388 million euros out of 10.07 billion revenues, according to a consensus provided by Telefonica.
Adjusted earnings before interest, taxes, depreciation and amortization, a measure of profitability, rose 1.9% to 3.21 billion euros, it said.
The performance in the first quarter was in line with the expectations of the management, who reiterated the targets for the full year.
Telefonica has reported a remarkable performance in Q1, with its net profit surging by a staggering 79%. This outstanding growth has surpassed market expectations, highlighting the company’s strong financial resilience.
Moreover, Telefonica’s robust Q1 profit demonstrates its ability to navigate through challenging economic conditions and capitalize on emerging opportunities.
Looking ahead, Telefonica remains optimistic about its growth prospects for the rest of the year. The company is committed to continuing its efforts to enhance customer experience, innovate its service offerings, and drive operational efficiency.
Additionally, Telefonica aims to capitalize on emerging trends in the telecommunications industry, such as the rollout of 5G technology and the growing demand for digital connectivity.
Overall, Telefonica’s impressive Q1 profit sets a strong foundation for its future growth trajectory and reinforces its position as a leader in the telecommunications sector.
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