Telefónica Q3 Profit Declines, Backs Full Year Operational Forecast

(RTTNews) - Spanish telecom group Telefónica S.A. (TEF, TDE.L) Wednesday said third-quarter net income dropped to 947 milion euros from last year's 1.089 billion euros. Basic earnings per share were 0.20 euro, compared to 0.24 euro last year.

Revenue declined to 13.021 billion euros from last year's 14.063 billion euros. Organic revenue grew 2.8 percent from last year.

According to the company, the quarterly results show an acceleration in growth rates both in revenue and in Operating income before depreciation and amortisation or OIBDA, as a result of the sustained commercial momentum in high-value customers and services, which is also reflected in record levels of quarterly net additions in smartphones and fiber.

Further, Telefónica reiterated all its operational targets set for 2014, such as the dividend promised in its shareholder remuneration policy.