Telefónica reported a 1.5% year-on-year rise in revenues on an organic basis in the first quarter of 2014 to 12.32 billion euros. Revenue declines of 8.2% in Spain and 8.8% in Germany were offset by a 14.8% rise in Spanish-speaking Latin America. In Brazil, revenues were up 0.2% and in the U.K. down 0.3%.
César Alierta, Executive Chairman, said: “First quarter results show visible progress in the execution of the strategy announced for 2014, based on further reinforcing the differentiation of our products and services through a non-replicable infrastructure. In this sense, we are making significant investments, accelerating our network modernisation. Investments related with transformation and growth accounted for over two thirds of the total in the first quarter, enabling us to significantly expand our new fibre and LTE services." source: Telefónica statement
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