BY DAVID ROMAN
MADRID—Telefónica SA said Friday its first-quarter net profit dropped 1.9% due to lower margins and surging operating expenses, in a sign that troubles in its Spanish home market remain a headache for the company.
Madrid-based Telefónica, Europe's second-largest telecommunications company by market value after U.K.-based Vodafone Group PLC, said net profit fell to €1.62 billion ($2.31 billion) from €1.66 billion in the same period last year. Operating expenses rose 13% to €10.18 billion, with personnel expenses ...
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