Brazil's Telefonica quarterly profit rises 7%, but misses forecasts
Reuters
Published May 07, 2024 06:20PM ET
SAO PAULO (Reuters) - Brazilian telecommunications operator Telefonica Brasil (NYSE:VIV) posted on Tuesday a net profit below analysts' expectations, even though it increased by 7.3% in the first quarter from a year earlier.
The firm, which is controlled by Spain's Telefonica (NYSE:TEF), posted an 896 million real ($176.5 million) net profit for the quarter ended in March, while analysts polled by LSEG expected a 1.03 billion real net profit.
Its net operational revenue stood at 13.5 billion reais, rising 6.5% as its main mobile services business grew 9.3%.
Telefonica Brasil attributed the performance of its mobile unit to a 11.4% jump in post-paid revenues, as the company was able to expand its customer base and to increase its prices in the segment, while maintaining a record-low churn rate.
Earnings before interest, taxes, depreciation and amortization (EBITDA) increased 6.8% in the quarter to 5.28 billion reais, slightly below analysts' forecast of 5.35 billion reais.
EBITDA margin rose 0.1 percentage point year-on-year to 39%.
($1 = 5.0759 reais)
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Written By: Reuters
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