July 24, 2019 / 10:29 AM / 25 days ago

Telefônica Brasil's profit drops 55.2% in Q2, but beats expectations

SAO PAULO, July 24 (Reuters) - Telefonica Brasil SA on Wednesday reported a 55.2% fall in second- quarter net income compared with the same period a year earlier, exceeding market expectations.

In a securities filing, Brazil’s largest wireless carrier said quarterly net recurring profit hit 1.42 billion reais ($376.31 million), above a consensus estimate of 1.338 billion reais ($354.39 million) compiled by Refinitiv.

$1 = 3.7755 reais Reporting by Gabriela Mello. Editing by Jane Merriman

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