Telefonica's (TEF) Q1 2011 net profit drops 1.9% to €1.62B ($2.31B) due to lower margins and...

|About: Telefonica S.A. (TEF)|By:, SA News Editor

Telefonica's (TEF) Q1 2011 net profit drops 1.9% to €1.62B ($2.31B) due to lower margins and surging operating expenses, in a sign that troubles in its Spanish home market remain a headache for the company. Revenue +10.8% to €15.44B; sales in Spain -5.6%.