Telefonica said that its underlying revenue in the third quarter fell 1.6% year-on-year to 15.54 billion euros, as a 3.8% rise in revenues in Latin America failed to offset a 6.8% decline in Europe. In local currencues, revenue rose 4.1% in Germany, 2.3% in Brazil, 17.7% in Argentina and 29.9% in Venezuela, but declined 15.3% in Spain and 5.4% in the UK.
The Madrid-based telco said: "Revenues in the first nine months of 2012 totalled 46.52 billion euros, virtually unchanged year-on-year (-0.3%; -1.6 % in the third quarter). This performance reflects the company’s high diversification, a key differentiating factor in the current environment characterised by adverse economic conditions, more intense competition and negative effects of regulation in some countries. Excluding the negative effect of regulation, revenues rose by 1.1% year-on-year versus the first nine months of 2011." source: Telefonica statement
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