Spanish telecoms giant, Telefonica's net profit fell by more than 50 percent in the second-quarter from a year earlier due to depreciation of foreign currencies of its main markets including Brazil, Argentina and the UK. It recorded €693 million Euro in net profits in the quarter compared to €1.52 billion Euro a year earlier. The consolidated revenues in the quarter declined 7.7 percent to €12.7 billion Euros.
In the digital services segment, Telefonica posted an impressive 15.7 percent increase in total revenues to reach €1,212 million Euros during the period. During the quarter, video revenues grew 13.1% to €687 million Euros, supported by its new video offering.
During the period that ended in June, the Operator's total customers dropped 2 percent to 347.5 million, of which mobile subscribers were 272.6 million. The Operator had 50 million 4G LTE subscribers at the end of the period, reaching 19.3% penetration of its overall mobile base.
José María Álvarez-Pallete, Chairman, Telefonica
Investments in technology were beginning to pay off in terms of higher customer revenue and loyalty. Today’s results demonstrate our ability to execute while building for the future. We expect our revenues to continue growing next year as our capex efforts of the last several years begins to pay off.
