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rdf:type	schema:NewsArticle
schema:articleBody	Spanish telecoms giant Telefonica saw its first-quarter net income soar 118 percent, largely on lower costs, even as pandemic-affected sales slipped nine percent, the firm said Thursday. Net income reached 886 million euros ($1.07 billion), the group said in a statement. "These results show the resilience of the company's business model and the effectiveness of the management, focused on cost reduction and stable operating cash flow," Telefonica said in a statement. It said they also reflected "the lower impact of the effects of the pandemic and the evolution of exchange rates compared to the end of 2020". Telefonica is in the throes of a major restructuring plan which has to date seen it cut staffing levels by 1.3 percent to 112,543. The group said it had "improved efficiency" with digital sales up 37 percent in its four main markets -- Spain, Germany, UK and Brazil, which between them contributed 78 percent of revenues. The group also said it had cut net debt 6.4 percent year-on-year to 35.8 billion euros, adding it had reduced by almost 44 percent financial costs stemming from servicing it. Although sales slipped back to 10.3 billion euros, the group said it forecast a gradual recovery in all its markets with figures "on track to meet the financial targets for 2021". emi/spi/cdw/jv
schema:headline	Telefonica net income soars but Q1 sales slip
schema:mentions	Evolution Spanish language Digital terrestrial television Spain Germany Pandemic United Kingdom Brazil Telefónica Operating cash flow EMI Net income CDW
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2021-05-13 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	negative sentiment
http://data.cimple...readability_score	63 (xsd:integer)

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