Telefonica Earnings Miss Estimates as Impairments Pile Up
- Oibda last quarter was €1.8 billion after UK, Spain provisions
- Firm forecast that Ebitda this year will grow 1% to 2%
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Spain’s Telefonica SA missed analysts’ earnings expectations after taking an impairment in the UK and a provision as part of a plan to cut staff costs.
Fourth-quarter operating income before depreciation and amortization was €1.8 billion ($1.9 billion), the company said in a statement on Thursday. That compares to an average analyst estimate of €1.99 billion, according to a survey by Bloomberg.