Telefónica's results for the April-June period showed a 4.5% decrease in net profit, to € 862 million. If you consider the entire first semester, there was an increase of 2.8% to € 1.787 billion. The company based the decline in a negative impact of exchange rates, especially due to the depreciation of the Brazilian real and the Argentine peso against the euro: in the second quarter the currencies reduced the annual growth of income by 4.1 percentage points (pp).