Telefónica presented its financial results for the January-March period, which show an increase of 118.3%, to € 886 million. The increase is based on the efficiency of the management -reduction of costs of 9% and stability of the operating cash flow-, although it also shows a lower impact of the pandemic and the evolution of exchange rates. Regarding revenues, they were down 9% year-on-year, to € 10.340 billion.