TEF - Telefonica S.A. GAAP EPS of $0.06 revenue of $10.13B

2023-07-27 08:19:38 ET

• Telefonica S.A. press release ( NYSE: TEF ): Q2 GAAP EPS of $0.06.
• Revenue of $10.13B (+0.8% Y/Y).
• Ensuringnetworktransformation;buildingdifferentiation ? Growinginhighvalueaccesses;fibre+15%,mobilecontract+3% ; OngoingcommercialmomentumwithleadingNPSandchurnmetrics
• Upgrading2023guidance,expectrevenuegrowth~4%andOIBDAgrowth~3%from"lowsingledigitgrowth"
• Consistentorganicrevenuegrowth ? Organic+3.3%y-o-y,reported+0.9%despitenegativeFXimpact ? B2B,asignificantdriver(+6.9%); Consistentservicerevenue+3.4%y-o-y(pricingpower);deceleratinghandsetsales+2.3%(+10.3%inQ123)
• AcceleratingorganicOIBDAgrowthonefficienciesandoperatingleverage ? +3.5%y-o-yorganic;+2.4p.p.vsQ123;reportedimprovedtostabilisation(-0.1%) ? Allcoreoperationsimprovingsequentiallyinorganicterms ? OIBDAmarginup0.1p.p.y-o-yorganic,overcomingheadwinds
• Cashprofitability;CapExpeakpassed(copperswitch-offinSpain2024) ? OIBDA-CapEx+3.4%vsQ222(organic)

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