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Telefonica: shares rise as results welcomed

(CercleFinance.com) - Telefonica shares are up on Thursday after the Spanish telecoms group reported "solid results" for 2017, meeting the upgraded guidance which the company gave in July.

Net profit for the fiscal year jumped 32% to 3.1 billion euros, on revenue that was down 0.1% at 52 billion euros; although it rose 3.4% in organic terms.

In its statement, the Madrid-based firm said that it is continuing to make progress in the process of digitalisation and maintained its target to continue growing its revenue and margin.

The company's share are currently up 2% at 7.8 euros, while the STOXX Europe 600 telecommunications sector index is down 0.5%.

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