Telefónica Posts Upbeat Q3 Profit

Telefónica SA reported a 13% drop in its third-quarter net profit. Telefónica's quarterly net profit slipped to EUR947 million ($1.18 billion), versus a year-ago profit of EUR1.09 billion. However, analysts were expecting a profit of EUR890 million. Its revenue slipped 7.4% to EUR13 billion, while operating income before depreciation and amortization dropped 8.7% to EUR4.27 billion. Analysts expected revenue of EUR12.9 billion and OIBDA of EUR4.1 billion. The company's nine-month operating income declined 12.6% to 12.33 billion euros, while revenue slipped 10.9% to 37.98 billion euros.