Telefonica books $59 million net loss in second quarter on currency swings
The company's net loss during the quarter compared with a 417 million euro net profit in the same period a year ago.
Its overall revenue in the quarter fell 3.7 per cent to 8.95 billion euros, it said, mainly because of the depreciation of the Brazilian real against the euro.
Analysts expected a net profit of 104 million euros and overall revenues of 8.92 billion euros, according to a company-provided consensus.
The company booked a 206 million euro impairment on the value of its units it sold in Latin America.
($1 = 0.8654 euros)
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Straits Times
20 hours ago
- Straits Times
GIC leads bidding for stake in Spanish broadband joint venture, sources say
Sign up now: Get ST's newsletters delivered to your inbox GIC and the joint venture owners are negotiating details of a potential agreement for a 20 per cent to 30 per cent stake, according to sources. LONDON – Singapore sovereign wealth fund GIC has emerged as the leading bidder for a significant minority stake in a fiber-optic broadband network venture owned by MasOrange SL and Zegona Communications, people familiar with the matter said. GIC and the joint venture owners are negotiating details of a potential agreement for a 20 per cent to 30 per cent stake, according to the people. A deal could value the business, which comprises over 12 million premises, at about €6 billion to €7 billion (S$9 billion to S$10.5 billion) including debt, they said. While talks are advanced, they could still be delayed or even fall apart, the people said, asking not to be identified as the information is private. Zegona-owned Vodafone Spain and MasOrange announced the creation of the venture in January, with an estimated enterprise value of €8 billion to €10 billion. They have said they would look for an investor to buy 40 per cent. Orange chief financial officer Laurent Martinez said on a media call this week that they are confident the deal could be closed by the end of 2025. Spain has one of Europe's largest fiber optic broadband networks, but widespread overlap between operators has led to fierce competition. Investors, such as pension funds and private equity firms, have been attracted to fiber in recent years given stable returns and low expenses once networks are deployed. MasOrange is the result of the merger between Masmovil Ibercom and the Spanish operations of Orange. Orange has a 50 per cent stake with the remainder controlled by three investment funds–Cinven, KKR & Co. and Providence Equity Partners– and MasOrange's chief executive officer, as well as others. Spokespeople for Orange, GIC, Cinven, Zegona, MasOrange and KKR declined to comment, while a representative for Providence didn't respond to requests for comment. BLOOMBERG
Business Times
2 days ago
- Business Times
Prosus set to win EU nod for US$4.74 billion Just Eat deal: sources
[BRUSSELS] Dutch technology investor Prosus is set to win EU antitrust approval for its 4.1 billion euros (S$6.1 billion) bid for Just Eat Takeaway, after agreeing to sell down its stake in Delivery Hero, sources with direct knowledge of the matter said. Amsterdam-headquartered Prosus, which is majority owned by South Africa's Naspers, announced the deal in February, banking on its artificial intelligence capability to boost Just Eat Takeaway, Europe's biggest meal delivery company. Prosus last month offered to incrementally sell down its 27.4 per cent stake in Delivery Hero and to give up its board seat to address EU competition concerns, other sources familiar with the matter had told Reuters. Delivery Hero and Just Eat Takeaway compete with each other in Austria, Bulgaria, Italy, Poland and Spain. The European Commission, which is now seeking market feedback to Prosus' offer and will decide on the deal by Aug 11, declined to comment. Prosus also declined to comment. The deal would make Prosus the world's fourth-largest food delivery company after Meituan, DoorDash and Uber, according to ING analysts. Delivery Hero and its Spanish unit Glovo were fined 329 million euros by the EU antitrust watchdog in June for taking part in a cartel which included an agreement to divide up markets among themselves and not to poach each other's employees. REUTERS
Straits Times
3 days ago
- Straits Times
Trump says Brazil's Lula can call him anytime
Sign up now: Get ST's newsletters delivered to your inbox WASHINGTON/BRASILIA - U.S. President Donald Trump said on Friday that Brazilian President Luiz Inacio Lula da Silva can call him anytime to discuss tariffs and other friction between the countries. "He can talk to me anytime he wants," Trump said of Lula, speaking to reporters at the White House. He added he was fond of the Brazilian people but "the people running Brazil did the wrong thing." Later, speaking with reporters in Brasilia, Brazil Finance Minister Fernando Haddad called Trump's remarks "great," saying he is sure Lula feels the same, and would be willing to receive a call from the U.S. president. In a post on his X account, Lula said Brazil has always been open to dialogue, although he did not mention Trump nor his earlier remarks. Trump slapped a 50% tariff on Brazil, with many exemptions, starting next week to fight what he has called a "witch hunt" against former President Jair Bolsonaro, who is on trial on charges of plotting a coup following his election loss in 2022. The U.S. also announced sanctions on a Brazilian Supreme Court justice who has been overseeing Bolsonaro's trial. Lula has rejected both the sanctions and the tariffs, calling them "unjustifiable" and an "unacceptable" interference in Brazil's justice system. Haddad said his planned virtual meeting with U.S. Treasury Secretary Scott Bessent next week will pave the way for an eventual meeting between Lula and Trump, but noted such a move would require preparation. Earlier this week, Haddad said Brazil needed assurance Lula would not face the same treatment as Ukraine's Volodymyr Zelenskiy, who came under fire from Trump and Vice President JD Vance during a heated exchange at the White House earlier this year. REUTERS
