Telefonica raises targets after Q2 profit beats expectations

MADRID: Spanish telecom company Telefonica on Thursday raised its targets for revenue, core earnings and free cash flow for the full year 2023 after booking a second-quarter net profit above market expectations.

Telefonica said its net profit rose to 462 million euros ($512.59 million), up from 320 million euros in the same period a year ago, out of overall revenues worth 10.13 billion euros.