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Telefonica: quarterly profit down, but reiterates targets

( - Spain's Telefonica confirmed its 2019 guidance on Thursday, after second-quarter earnings fell almost 5%.

Net income for April-June dropped to 862 million euros, down 4.5% year-on-year due to provisions for tax litigation and hyperinflation adjustment in Argentina, the telecoms giant said.

As reported, second-quarter revenues were flat year-on-year, at 12.1 billion euros, although are up 3.7% in organic terms.

"Organic growth trends (...) are consistent with this year's targets, which we reiterate," said Chairman and Chief Executive Officer Jose Maria Alvarez-Pallete.

Telefonica said its debt fell for the ninth consecutive quarter, falling by 5.7% year-on-year and now standing at 40.2 billion euros.

Telefonica shares are currently down over 2% in Madrid.

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