Telefonica is leading Europe in the movement to converged services.
Telefonica reported fourth-quarter revenue in line with our expectations, but EBITDA margins were a bit light. The firm’s results continue to be hurt by the strength of the euro versus other currencies. In the fourth quarter, revenue increased 4.8% year over year on an organic basis but fell 4.1% when converted into euros, which brought its full-year reported revenue to a decline of 0.1%, spot on with our full-year projection. While its EBITDA margin only hit 29.7% in the quarter and 31.1% for t...
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