The Spanish telecoms giant says it has started 2024 with "solid growth and profitability rates".
ADVERTISEMENTTelefonica on Thursday announced that its first-quarter adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) came to €3.2 billion.
That represents a year-on-year increase of 1.9%, in line with analysts' expectations.
First-quarter net profit rose by 79% over the year, reaching €532 million, out of revenues of €10.14 billion.
The company confirmed its outlook for the year, which aims for revenue growth of around 1% and operating cash flow growth of between 1% and 2%.
Operating cash flow growth is the long term rate of growth of cash generated from business operations after accounting for operating expenses.
Telefonica also confirmed a yearly dividend target of €0.30 per share, paid in two instalments: this December and next June.
"Telefónica is making steady progress in the year of its centenary with our principles of integrity, commitment and transparency generating shareholder value," said Telefónica Chairman, José María Álvarez-Pallete.
"We have started the year with a solid strengthening of our business, supported by the deployment of our new roadmap, the GPS strategic plan which will guide Telefónica until 2026. Revenue is improving, commercial activity is improving and the quality of the service we provide to our customers and their satisfaction is also improving."
Telefonica also said that it had signed a non-binding agreement with Digi Communications for a long-term mobile network wholesale contract in Spain.
