Telefonica Earnings Fall 15% as Spain Phone Revenue Declines
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Telefonica SA, Europe’s second-largest phone company, reported a 15 percent decline in quarterly earnings, weighed down by a continuing sales slump in its largest market Spain.
Second-quarter operating income before depreciation and amortization was 4.13 billion euros ($5.5 billion), the Madrid-based carrier said today. Sales fell 12 percent to 12.7 billion euros. While both measures met analysts’ estimates, Oibda in Telefonica’s home market plunged 16 percent, the steepest decline among all regions.