Telefonica net income soars but Q1 sales slip

Madrid: Spanish telecoms giant Telefonica saw its first-quarter net income soar 118 percent, largely on lower costs, even as pandemic-affected sales slipped nine percent, the firm said Thursday.

Net income reached 886 million euros ($1.07 billion), the group said in a statement.

“These results show the resilience of the company’s business model and the effectiveness of the management, focused on cost reduction and stable operating cash flow,” Telefonica said in a statement.