Telefonica : Earnings release 8% higher than forecast, hyperinflation in Argentina exerting a drag
>Revenues 1.2% higher than forecast, OIBDA 8% higher and 2% when adjusted for a false one-off item - Revenues 1.2% higher than forecast: revenues at the upper end of the range, down 8.3% to € 11.699bn (consensus: € 11.559bn and Oddo BHF: €11.6bn, +2.7% y-o-y organic (therefore up 0.7pp vs Q2) driven by the UK (+7.4% reported) still with a very significant forex effect which is exerting a drag on the reported figures with HispAm Sur (+11.2% organic but -32.3% reported)...Telefonica is engaged in the provision of public or private telecommunications services, including ancillary or complementary telecommunications services or related services. Co.'s fixed business includes: traditional fixed telecommunication services, Internet and broadband multimedia services, data and business-aplications services, and wholesale services for telecommunication operators. Co. also provides a range of mobile and related services and products to consumer and business customers, including mobile voice services, value added services, mobile data and Internet services, wholesale services, corporate services, roaming, fixed wireless, and, trunking and paging.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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