November 5, 2019 / 6:59 AM / 4 months ago

Telefonica core earnings fall 32% on lay-off costs

MADRID, Nov 5 (Reuters) - Spanish telecoms group Telefonica posted said on Tuesday third-quarter core profit fell 31.8% from a year earlier, missing analysts’ forecasts, and confirmed it expected margins and earnings to rise over the course of the year.

Like other large telecoms firms in Europe, where it ranks fourth in the sector by market value, Telefonica is struggling to find ways to boost profit growth in an increasingly crowded market.

Operating income before depreciation and amortisation fell to 2.748 billion euros ($3.06 billion) and below an analyst forecast compiled by the company of 2.851 billion euros.

The figure was affected by 1.9 billion euros in one-off cost related to a lay-off plan announced by the company in September.

The company said it expects solid last quarter operating income before depreciation and amortization (OIBDA) to deliver full-year guidance of growing 2% in OIBDA and revenues. ($1 = 0.8989 euros) (Reporting by Andres Gonzalez, editing by Ashifa Kassam and Christian Schmollinger)

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