Telefónica profits and subs down
May 7, 2020
From David Del Valle in Madrid
The Covid-19 pandemic has taken a toll on Telefónica’s results. In the first quarter of the year, the company saw its profit fall by 56.2 per cent to €406 million, mainly due to the sharp fall in revenues in Latin America, above all in Brazil.
Total revenues fell by 5.1 per cent to €11.3 billion.
In Spain, its revenues declined by 1.6 per cent to €3 billion. Its pay TV service Movistar lost 41,500 customers in the first quarter versus the previous quarter to 4,032,300, albeit a 2 per cent rise year-on-year.
ARPU in convergent packages stood at €91.8, down 1.1 per cent year-on-year.
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