For the first quarter of 2024, Telefonica reports a 79% increase in net profit to 532 million euros, as well as a 1.9% increase in EBITDA to 3.2 billion euros, on revenues up 0.9% to over 10.1 billion euros.

The Spanish telecom operator stresses that these performances put it on track to achieve its full-year objectives, in line with its annual targets for EBITDA growth (+1 to +2%) and revenue growth (around +1%).

In terms of revenues, a 9.5% contraction in handset sales was more than offset by a 2.3% increase in service revenues, thanks in particular to B2B performances in Spain, Brazil and Germany.

"The first quarter demonstrated intact sales momentum, while free cash flow (negative 41 million euros) reflects the usual seasonality of the first quarter", comments CEO José María Álvarez-Pallete.

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