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Telefonica weaker than expected

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Telefonica weaker than expected

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Telefonica has posted lower-than-expected first-quarter results.

Weak Spanish operations were offset by strength in key parts of Latin America and Europe.

Telefonica group net profit rose two percent to 1.66 billion euros.

Portugal Telecom has just rejected Telefonica’s offer from to buy out its share of their Brazilian joint venture Vivo.

And the British telecoms provider BT is finally showing evidence of a turnaround as cost cuts and service improvements began to take hold.

Its full-year revenue decline slowed to two percent.