Telefónica's financial results for the first quarter do not yet show a severe impact of the health emergency. The company had revenues of €11.366 billion, a decrease of 5.1% year-on-year that is based on the drop in sales in Brazil and the unfavorable exchange rate of the real. Telefónica's net profit reached €406 million, 56.2% less than a year ago, as a result of the performance in Brazil and Latin America (with a drop in income of 8.4%).