Dow Jones Newswires: Telefonica backs target, dividend as it brings in $10.08 billion in revenue

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Telefonica SA backed its financial targets and dividend for the year after it reported higher third-quarter revenue on improving handset sales as well as a boost from foreign exchange moves.

The Spanish telecommunication company TEF, +1.11% TEF, -1.44% said Friday that revenue for the July-through-September period climbed to 10.34 billion euros ($10.08 billion) from EUR9.30 billion last year.

Operating income before depreciation and amortization–a key profitability metric for Telefonica–fell to EUR3.25 billion from EUR3.73 billion.

Net profit slipped to EUR460 million from EUR706 million last year.

“Results allow us to confirm our full year-guidance, narrowed to the mid to upper end of the low-single-digit range at H1 22 results, and our dividend commitment for 2022, despite a very challenging macro backdrop,” Telefonica Chief Executive Jose Maria Alvarez-Pallete said in a statement announcing the results.

For 2022, Telefonica targets the high end of the low single-digit growth range for revenue, and the mid-to-high-end of low single-digit growth for Oibda.

Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94

This article was originally published by Marketwatch.com. Read the original article here.

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