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Telefónica reported strong 3Q18 results despite the impact on revenue of the depreciation of currencies in Latin America – specifically the Brazilian real and Argentinian peso – relative to the euro, as well as negative regulatory factors.


  • Telefónica has been focusing on a high-value growth strategy under which it plans to increase its share of postpaid mobile, LTE, fiber, and pay TV subscriptions.
  • Telefónica remains positive about 2018, upgrading its guidance on revenue growth to 2%, from 1% previously.

Features and Benefits

  • Analyzes Telefónica's financial performance in 3Q18.
  • Provides an overview of Telefónica's growth strategy.

Key questions answered

  • What factors have affected Telefónica's performance in 3Q18?
  • What impact did foreign exchange movements have on Telefónica's overall performance?

Table of contents

Ovum view

  • Summary
  • Hopeful despite drop in revenue
  • Growth strategy focusing on high-value customers
  • Considering divestment in Mexico and Central America to reduce debt


  • Further reading
  • Author