May 6, 2020 / 10:47 AM / 23 days ago

Telefonica Brasil's net income falls 14% in Q1, missing expectations

SAO PAULO, May 6 (Reuters) - Telefonica Brasil SA on Wednesday reported a 14.1% drop in first-quarter net income, missing market expectations as higher taxes and depreciation overshadowed its cost-cutting efforts.

In a securities filing, Brazil’s largest wireless carrier said its net profit hit 1.15 billion reais ($206.7 million) in the quarter to March 31, below a consensus estimate of 1.34 billion reais compiled by Refinitiv.

$1 = 5.5783 reais Reporting by Gabriela Mello, editing by Louise Heavens

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