Telefonica 9mo results

9mo results are higher than expected. Revenues amounted to €42bn, up almost 9%, while net profit increased 51% to €7.8bn. 3Q07 net profit rose 39% to €4bn (but including gain of €1.4bn from the sale of Endemol) on revenues of €14.2bn, up 5%. Telefonica Espana sales accounted for €5.3bn, up 4%, boosted by broadband internet services. Latam revenues rose 11% to €5bn with 94.7m (+20%) mobile subscribers and 31.7m fixed users. Telefonica O2 reported revenues of €3.7bn, up 2.8%.

For the full year, Telefonica expects revenues to be up 8%-10% to about €58bn.