for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up

Telefonica's Q1 core earnings steady YoY, profit doubles on COVID reopening

MADRID, May 13 (Reuters) - Spanish telecoms group Telefonica posted first quarter core earnings of 3.42 billion euros ($4.13 billion) on Thursday, broadly in line with forecasts thanks to reduced operating expenses, favourable exchange rates and lighter pandemic impact.

Analysts polled by the company expected core earnings of 3.36 billion euros ($4.06 billion) on average.

Net profit stood at 886 million euros, more than doubling year-on-year in a sign of recovery from the economic paralysis induced by the first COVID-19 lockdowns imposed in the spring of 2020.

$1 = 0.8282 euros Reporting by Clara-Laeila Laudette, editing by Inti Landauro

for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up