Telefonica Reports Weaker-Than-Expected Q1 Profit

Telefonica SA TEF reported a 1.9% decline in its first-quarter net profit on Friday. The company's net profit dropped to EUR1.62 billion, from EUR1.66 billion, in the year-ago period. However, analysts were expecting a profit of EUR1.72 billion. Its operating expenses increased 13% to EUR10.18 billion. Telefonica's revenue increased 11% to EUR15.44 billion. The company's operating income before depreciation and amortization rose 9% to EUR5.57 billion. TEF shares gained 0.21% to close at $24.24 yesterday. Read more from Benzinga's Company news.