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MADRID, Sept 4 (Reuters) - Spain’s Telefonica has brought forward to September 10 its monthly board meeting, normally held at the end of the month, because of concerns over market conditions, a Telefonica spokesman told Reuters.
There was no board meeting in August because of summer holidays and the management team considered that waiting for the end of September would be too long at a time when the shares are close to their lowest level in 22 years, the spokesman said.
“The economic situation and the market’s situation have influenced in moving the meeting forward,” the spokesman said.
A weak performance at home overshadowed a forecast-beating rise in second quarter earnings at Telefonica, although the telecoms group said it was seeing better times ahead for its largest market.
Analysts are concerned about progress in Spain where a multibillion euro investment in deploying Europe’s biggest fibre network is key to meeting full-year goals for 2% growth in revenues and a 2-percentage point hike in margins.
Shares in Telefonica have fallen by around 15 percent in the last six months.
On Wednesday, Telefonica’s shares rose 1% to 6.437 euros. (Reporting by Belen Carreno, Andres Gonzalez, Jesus Aguado, writing by Joan Faus Editing by Ingrid Melander)