Telefónica Raises Profit Outlook, Lowers Revenue Target

Telefónica has raised its forecast for adjusted EBITDA growth for the year to slightly above 2.5% due to strong performance in the third quarter. At the same time, it has lowered its revenue growth target to 1%-1.5%. The company reported revenue of €8.43 billion ($9.35 billion) for the third quarter, a year-on-year increase of 2.2%, exceeding the market consensus expectation of €8.33 billion. Adjusted EBITDA rose 2.8% year-on-year to €3.08 billion, higher than the market expectation of €3.03 billion. Chief Operating Officer Emilio Gayo stated that the revenue guidance downgrade is mainly due to the performance of mobile device sales, but service revenue remains robust.

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