⁍ Telefonica’s revenue rose 1.2% in the third quarter from the second.
⁍ A 785 million euro impairment charge in Argentina led to a net loss of 160 million euros.
⁍ The company’s shares were down 6.3%, making them the worst performers on Spain’s benchmark IBEX-35 index.
– Spanish telecom giant Telefonica posted a third-quarter loss of $698 million on Thursday, largely due to the impact of the H1N1 virus in Argentina. The company, which has been shifting its focus toward its main markets of Spain, Britain, and Germany, said it expects to return to revenue growth in 2022, reports Reuters. The company’s shares were down 6.3%, making them the worst performers on Spain’s benchmark IBEX-35 index, which was down 0.9%. The stock has been tracking lower over the past five years and is now more than 50% below its level at the start of 2020. French rival Orange said Thursday deals to open up its fibre network to rivals helped to offset the hit from the pandemic. Britain’s BT Group also reported results on Thursday and nudged its earnings guidance higher.
Source: https://www.reuters.com/article/telefonica-results/update-3-telefonica-pledges-2022-growth-after-q3-loss-bets-on-fibre-ventures-idUSL8N2HK1VL