Tuesday, November 05, 2019

Telefónica net profit fell between 50% between January and September due to laying off plan in Spain

It stood at € 1.344 billion, affected by restructuring costs (€ 1.876 billion) for the reduction of its workforce in Spain, in 2,636 workers. Without this expense, the profits would have amounted to € 2,588 billion. This report already shows the departure of Telefónica from Panama, Nicaragua and Guatemala, whereby the access base is reduced by 8.6 million (7.6 million in the mobile prepaid segment).

Telefónica's results for the third quarter and first nine months of the year reflect the impact of the reduction in the workforce in Spain; the divestment of operations in Panama (September 1), Nicaragua (May 1), Guatemala (January 1) and Antares (February 1); and the sale of nine data centers. The capital gains recorded for these last operations amount to € 664 million between January and September (the Panama operation - € 199 million - and the data centers - € 197 million- correspond to the third quarter).

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