Telefónica's revenues totaled €10.153 billion in the fourth quarter of 2023, representing a year-on-year decrease of 0.5%. The operator noted that compared to the previous quarter, this result observed a decline of 2.5 percentage points and assured that "this is mainly due to the effect of Argentina," a country in which it lost €524 million in the period, although nearly €300 million less than a year ago.