Telefónica Takes Another COVID Hit

Dragged down by the pandemic, Telefónica reported a 4.5% year-on-year fall  in revenues to 10.46 billion euros for the third quarter of 2020 on an organic basis.  That compares with a 5.6% decline in the second quarter of 2020.

The Madrid-based group estimated that COVID-19 had a negative impact on group revenue of 591 million euros in the third quarter compared with 729 million euros in the second quarter, as handset sales picked up. It said its operations in Spanish-speaking Latin America accounted for 31% of the total impact, followed by Spain with 26%, the UK at 20% and Brazil at 15%. Germany accounted for just 5%. Source: Telefónica statement.