Shares of Telefonica SA (TDE.L, TEF) were losing around 2 percent in the trading in Spain after the telecom major on Thursday reported weak first-quarter profit and withdrew fiscal 2020 guidance due to the current level of uncertainty amid Covid-19 impact. However, for the mid-term, the company backed 2022 guidance of revenue growth.
José María Álvarez-Pallete, Chairman and Chief Executive Officer noted that the coronavirus crisis has had a limited impact on its first quarter financial results and that its four key markets have performed well in a unique and challenging environment.
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