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Tap here. Telefónica has spent years disappointing investors with a sprawling, debt-heavy business that struggled to grow. The first quarter of this year suggests something is beginning to change, and the market noticed, sending shares up more than 6% on Thursday.
WHAT HAPPENED Telefónica, a Spanish multinational telecom firm, reported first quarter adjusted EBITDA of €2.84 billion (about $3.3 billion), up 1.8% in constant currency terms and ahead of the €2.79 billion consensus estimate. Revenue grew 0.4% to €8.13 billion, also beating expectations. Free cash flow from continuing operations came in at €333 million, above the €300 million forecast.