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Telefonica dials up in line profit

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Telefonica dials up in line profit

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Full year profit at Spain’s Telefonica came in pretty much as expected at 7.8 billion euros.

Europe’s second largest telecoms company was able to offset a tough home market in Spain with healthier operations in Latin America.

But investors remain concerned about whether it can meet its targets, as well as weakness in some units and the chance of a costly merger with Telecom Italia.