Telefonica Q3 Group Revenues Decline 12.1%

(RTTNews) - Telefonica (TDE.L, TEF) reported a 12.1% decline in third-quarter revenues, largely reflecting the exchange rate impact.

Third-quarter revenue of EUR 10.5 billion, up 1.2% compared to the previous quarter, boosted by an increased commercial and operational activity in its four main markets. Net income grew by 5% compared to the prior quarter, to €734 million.

José María Álvarez-Pallete, Chairman and Chief Executive Officer, said, "Telefónica continues to show its strength in the midst of an unusual situation we are experiencing, in which digitalisation and connectivity will continue to be key to economic recovery. Thanks to the implementation of the strategy presented a year ago and the robustness of our business, trends are improving in the third quarter, with a clear recovery in commercial activity in our key markets. We are growing in revenues compared to the previous quarter, and the operating cash flow margin remains stable, in line with our objectives."