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Thursday, July 30, 2020

Telefónica's revenues dropped 14.8% due to an impact of € 729 million associated with Covid-19

Between April and June, revenues reached € 10.34 billion due to the closing of commercial activity, in addition to unfavorable movements in exchange rates (it represented an impact of € 791 million). The Spanish company's net profit was € 831 million in the first half, a 53.5% decrease, and € 425 million in the second quarter, a 50.7% decrease. Hispam's revenues were € 1.881 billion, a 10.8% decrease year-on-year.

Telefónica's results crudely showed the impact of the pandemic. The Spanish revenue fell 14.8% year-on-year to € 10.34 billion between April and June due to an impact associated with the Covid-19 of € 729 million and unfavorable movements in exchange rates (here the impact is estimated at € 791 million), among other reasons. OIBDA decreased 25.3% year-on-year to € 3.315 billion and net profit, 50.7%, to € 425 million.

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