Telefonica S.A. (ADR) (NYSE: TEF) Surged on Results
November 12, 2009 10:28 AM
Telefonica S.A. (ADR) (NYSE: TEF)today announced revenues of 14.13 billion euros, a decline of 5.7% a year ago period and net profit of 1.99 billion euros or 44 euro cents per share as compared to 2 billion euros or 43 euro cents per share same quarter last year.
Moreover, Telefonica has also taken a lot of cost reduction initiatives. Profit declined due to continuous weakness reported in the European markets as a result of global downfall. However profits matched analysts’ expectations.
Shares of Telefonica S.A. (ADR) (NYSE: TEF) are trading higher by 0.35% to $85.72 in the pre-market after the announcement of its quarterly results.
So far this year, Telefonica S.A. is up over 26% and the 52 week trading range for Telefonica is $51.00 - $87.04.
