Telefonica results analysis

Spanish telecommunications group Telefónica raised its full-year outlook on Thursday, after posting a record net profit of 7.74 billion euros ($ 9.2 billion) thanks to the sale of its Telxius tower unit and the union in the United Kingdom. from O2 and Virgin Media.

Telefónica said it now expects revenue and core profit to remain “stable” or experience “slight growth” in 2021, driven in part by its Brazilian and German markets, which posted strong results on Wednesday. Three months ago he had planned a “stabilization.”

In the second quarter, the company obtained a basic profit of 13,470 million euros, which represents an organic increase of 3.3% compared to the same quarter of the previous year, but a fall of 3.6% in real terms, since keep fighting high costs and competition.

The Spanish telecommunications group said its second quarter results were helped by the sale of its Telxius mobile mast division, adding that Telefónica UK was no longer accounted for by the full consolidation method.

The operator also announced that its technology unit, Telefónica Tech, had purchased cloud and security services provider Cancom Ltd for 340 million pounds ($ 473.99 million), betting on the fast-growing market segment to as companies digitize their operations en masse amid the pandemic.

Telefónica, like its European rivals, has faced growth problems apart from the impact of the pandemic and has been selling assets to reduce debt and finance an upgrade to next-generation 5G networks.

Telefónica’s net financial debt fell by around 30%, to € 26.2 billion. (1 dollar = 0.8436 euros) (1 dollar = 0.7173 pounds) (Information from Inti Landauro and Clara-Laeila; additional information from Jesús Aguado; edited by Uttaresh.V and Emelia Sithole-Matarise) .. Translate serenitymarkets

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