Spain's Telefonica posts falling 9-month earnings but beats forecasts
MADRID Nov 12 (Reuters) - Spanish telecoms group Telefonica on Wednesday posted a 12.6 percent drop in nine-month operating income, to 12.33 billion euros (15.4 billion US dollar), hit by falling margins in Spain and lower, albeit recovering, Latin American currencies.
Net profits were down 9.4 percent on the period, at 2.85 billion euros, while revenues slumped 10.9 percent to 37.98 billion euros, as they also suffered from an unfavourable comparison from last year after the firm sold assets.
The three metrics were however just above forecasts from analysts polled by Reuters. (1 US dollar = 0.8008 euro) (Reporting by Julien Toyer; Editing by Paul Day)
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