Overseas market growth helped Spain’s Telefonica post higher Q1 sales and profits despite a shrinking home market.
After a six-year slump the company now says 2015 will bring back the good times after restructuring to reduce a debt mountain. Good times in its home market, which provides a quarter of Telefonica’s revenue, seemed far away, with a 40% shrinkage over the period.
To redress that the company raised prices on most of its products in Spain last month. Contrast the situation with Telefonica’s Latin American revenues, which rose 19.6%, and there is much work to do.