Telefonica, S.A. TEF reported a fourth-quarter 2023 net loss of €2,154 million against earnings of €525 million in the year-ago quarter. Furthermore, loss per share was €0.39 against earnings per share (EPS) of €0.08 in the year-ago quarter.

Quarterly total revenues decreased 0.5% year over year to €10,153 million. Organic revenues (aggregating 50% of Virgin Media O2 joint venture results) grew 4.1% year over year to €11,765 million.

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Results by Business Units

Telefonica Espana: Quarterly revenues in Spain increased 3.3% year over year on a reported basis to €3,321 million. This is due to the momentum of higher handset sales and service revenues. The quarterly OIBDA margin was 37.4%. Capital expenditure (CapEx) on a reported basis decreased 9.5% to €457 million in the quarter.

Telefonica Deutschland: Quarterly revenues rose 4.6% to €2,219 million. The improvement was driven by continued momentum in the mobile business. The quarterly OIBDA margin was 30.2%. CapEx increased 3.2% to €317 million in the quarter.

VirginMedia-O2 U.K.: Quarterly revenues of this newly formed segment increased 3.9% to €3,265 million due to a rise nexfibre construction revenues, partly offset by a decline in mobile revenues. The quarterly OIBDA margin stood at 36.5%. CapEx decreased 25.5% to €537 million in the quarter.

Telefonica Brasil: Quarterly revenues in Brazil grew 7.5% to €2,538 million, mainly due to strong commercial activity and continued price updates. The quarterly OIBDA margin was 44.4%. CapEx decreased 11.9% to €438 million in the quarter.

Telefonica Infra (Telxius): In the fourth quarter, Telxius announced that it will extend the deployment of Tikal (by Telxius), a new ultrahigh capacity subsea cable and will now connect the East Coast of the USA to Las Toninas (Argentina). Also, the company announced additional landings in Prai Grande (Brazil) and Punta del Este (Uruguay).

Telefonica Tech: Revenues increased 19.2% year over year to €551 million owing to solid momentum across Cybersecurity and IoT business segments.

Telefonica Hispam: Quarterly revenues in the Telefonica Hispam segment decreased 21.4% to €1,653 million, mainly due to     Peru's    political and economic environment. The quarterly OIBDA margin was 22.3%. CapEx has increased 2.5% to €410 million in the quarter.

Other Details

Quarterly OIBDA was €1,795 million, down 44.9% year over year. Operating loss was €382 million in the quarter under review against operating income of €1,132 million in the prior-year quarter.