Telefonica has posted a net loss for the third quarter of EUR429 million (USD584 million) after incurring charges of EUR2.6 billion in expenses related to cutting jobs along with declining sales in the company’s home market. The result is the Spanish giant’s first net loss since the fourth quarter of 2002. Domestically, third-quarter sales in Spain slumped 8.8% year-on-year amid difficult economic conditions in the country – unemployment is currently running at 22.6% and GDP growth at just 0.2% – coupled with customers switching to lower-cost offerings of rival operators
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OVETEL Telefonica posts first net loss since 2002
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