Telefonica chairman and CEO Jose Maria Alvarez-Pallete (pictured) praised the company’s Q2 performance in the face of economic headwinds gripping the globe, as it maintained steady revenue.
In its results statement, Alvarez-Pallete pointed to Telefonica’s resilience despite socioeconomic issues and expressed confidence it would offer stability no matter what lie ahead.
“Telefonica does not live out of touch of reality,” he said. “The war in Ukraine, an energy crisis that complicates the inflationary scenario and higher financing costs have a direct impact on the lives of companies and individuals, without exception. Telefonica has its feet on the ground and is well aware that economic headwinds require determination, effort, intuition and leadership.”
Alvarez-Pallete noted the operator had not only met its targets for the quarter but also continued to press on with efforts towards cutting its environmental impact.
The group’s revenue for Q2 was flat at €10 billion. Net profit was €320 million, down 96 per cent year-on-year, though its Q2 2021 profit had been massively swelled by tower sales in Europe and Latin America.
Alongside noting “solid” performance across its operations, Telefonica benefitted from favorable exchange rates, as had also been the case in Q1.