Telefonica's (TEF) Q1 earnings missed analyst expectations as net profit slumped 23% to €692M ($957.5M), hurt by forex turmoil in Latin America, declining revenues, and the sales of the telecom carrier's Czech business last year.
Revenue fell 14% to €12.2B, with sales in Spain dropping 8.2%, in Germany 8.8% and in the U.K. 0.3%. In Latin America, where Telefonica has two-thirds of its customers, revenue tumbled 18% in Brazil and 13% in the rest of the region.
Operating income (OIBDA) dropped 14% to €3.93B.
Telefonica reiterated all of its operational and financial guidance for 2014.
Shares are -3% in Madrid. (PR)