After a disappointing Q1, Telefonica has released a quite as expected Q2. Revenues were up organically by 3.1% yoy (at constant forex) vs only 1.5% growth in Q1. This is a good number and note that, excluding the negative impact of regulation, organic revenues should have grown by 4.1%. The adjusted EBITDA which had increased by only 1.3% yoy in Q1 has grown by 7.2% (it should have increased by 8.9% excluding regulation!). Note that, in this quarter, the currency impact was positive by 12ppt
27 Jul 2017
A good Q2 which makes us forget the slightly disappointing Q1
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A good Q2 which makes us forget the slightly disappointing Q1
After a disappointing Q1, Telefonica has released a quite as expected Q2. Revenues were up organically by 3.1% yoy (at constant forex) vs only 1.5% growth in Q1. This is a good number and note that, excluding the negative impact of regulation, organic revenues should have grown by 4.1%. The adjusted EBITDA which had increased by only 1.3% yoy in Q1 has grown by 7.2% (it should have increased by 8.9% excluding regulation!). Note that, in this quarter, the currency impact was positive by 12ppt