Spanish telco Telefónica saw its profit fall by 57 per cent to €298 million even though revenues grew by 6.7 per cent to €10.04 billion in the first quarter of the year – with Brazil, Germany and UK being the best performing markets in terms of revenues with a growth of 17.5 per cent, 8 per cent and 3.9 per cent respectively.

Source: Telefónica: Revenues and subs up, profit down