Telefonica Q1 Profit Declines; On Track To Meet FY22 Target

Spanish telecom major Telefonica SA (TDE.L,TEF), on Thursday reported a decline in profit for the first quarter. In addition, for the full year, the company said it is on track to meet the targets

For the first three-month period of 2022, the Madrid-headquartered company reported a net income of 706 million euros or 0.12 euro per share, compared with 886 million euros or 0.15 euro per share, reported for the same period, last year.

Operating income before depreciation and amortization (OIBDA) increased to 3.75 billion euros, from 3.42 billion euros, posted for the March quarter of 2021.

At the end of the first quarter, net financial debt moved down by 23.3 percent to 27.453 billion, on year-on-year basis.

Revenues for the first quarter rose to 10.88 billion, from 10.34 billion, reported a year ago.

Looking ahead, for the fiscal 2022, the company said that, "the growth in both revenues and OIBDA is on track to meet the financial targets set by the company for the full year, which are to achieve low single digit growth in both items organically."

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