Telefónica's Sales Slip

Telefónica reported a 1% year-on-year decline in revenues in organic terms in the third quarter to 16.04 billion euros. For the first nine months of 2011, Telefónica's revenues rose 0.3% in organic terms, with a 4.9% rise in revenues in Latin America, offsetting a 7.1% fall in revenues in Spain. 

Telefónica said, that in the first nine months of 2011, "growth in mobile broadband accesses was reflected in mobile data revenues, growing at 19.6% in organic terms and accelerating with respect to previous quarters to account for 30% of Telefónica's mobile service revenues. Noteworthy was the strong increase in non-P2P SMS data revenues (+38.8% year-on-year in organic terms), which represent more than 50% of total data revenues." source: Telefonica statement