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Edition: U.S. Article Comments (0) Follow Reuters Facebook Twitter RSS YouTube Read Actress Marlee Matlin hit with tax bill, sells home 12 May 2011 Special report: The bin Laden kill plan | 12 May 2011 Special report: The bin Laden kill plan | 12 May 2011 Cisco braces for biggest layoffs in its history 12 May 2011 German court convicts then frees Nazi guard Demjanjuk | 12 May 2011 Discussed 148 Obama at U.S. base to pay tribute to bin Laden mission 115 Son says bin Laden sea burial demeans family: report 59 Muslim scholars pulled from Delta plane in Memphis Watched Russia 'shot down Georgia' drone Mon, Apr 21 2008 Progress made on debt ceiling: WH 3:23am EDT Deadly earthquake rocks Spain Wed, May 11 2011 Telefonica Q1 falls short, weak Spain weighs Tweet Share this By Elisabeth O'Leary MADRID (Reuters) - Weak first-quarter results at Telefonica (TEF.MC) on Friday showed the telecoms heavyweight sagging under a stagnant economy in Spain, and with Latin America still driving earnings but with signs of... Email Print Related News IMF warns EU debt crisis may still spread to core Thu, May 12 2011 EU paymaster Merkel guarded on new aid for Greece Tue, May 10 2011 Euro gains versus dollar but still vulnerable on Greece Tue, May 10 2011 Ratings agencies hammer Greece in EU chaos Mon, May 9 2011 Euro off 3-week low Mon, May 9 2011 Analysis & Opinion Mario Draghi: A breath of the fresh air at the ECB Inflation, not slowdown, remains top global risk Related Topics Technology Home » Stocks By Elisabeth O'Leary MADRID | Fri May 13, 2011 3:31am EDT MADRID (Reuters) - Weak first-quarter results at Telefonica (TEF.MC) on Friday showed the telecoms heavyweight sagging under a stagnant economy in Spain, and with Latin America still driving earnings but with signs of fatigue. The euro zone's largest telecom said a 2 percent fall in net profit to 1.62 billion euros ($2.30 billion), compared with a forecast for 1.72 billion in a Reuters poll, was in line with internal forecasts and reaffirmed targets given at an investor conference last month. In general, slower growth in Europe was offset by fast growth in Latin America, particularly Brazil. But analysts noted a slower performance in other countries in Latin America, such as Mexico, where traffic and revenue fell. "We view these results as incrementally weaker than expected. The key question for the conference call is whether the volatility in Latam profitability, especially in Mexico, is temporary or represents a change in competitive dynamics (we suspect the former)," said Tim Boddy, analyst at Goldman Sachs, in a note to clients. Trouble-spot Spain, the focus of market concern, continued to disappoint, with revenues declining 5.6 percent to 4.37 billion euros. The former monopoly is battling tough competition to attract and keep customers, and is trying to focus efforts on high-end clients while reining in costs. "The market will not like the fact that sales and core earnings have come in a notch below expectations. Everyone is hoping for the turnaround in Spain, but it seems we will have to wait for that. However, guidance confirmation should calm markets," said Wolfgang Specht, telecoms analyst at WestLB. Spanish voice service revenues were therefore down almost 9 percent year-on-year, while internet and broadband revenues were down 4 percent in its Spanish division. "We do not expect a big market impact from these results. It is Latam compensating for Spain and very much in line with the consensus," said Jose Lizan, fund manager at Nordkapp Inversiones, which has around 600 million euros of assets under management including Telefonica. Telefonica last month announced it would sack around 20 percent of its Spanish workforce, an effort to limit the damage to its results from a climate of towering joblessness, currently the highest in the European Union at 21.3 percent. Overall group trends were healthy, with a 6 percent rise in Telefonica's customer base to 290 million connections and growing smartphone adoption. Trendy and lucrative internet-ready phones now make up 12 percent of the company's total mobile connections. Latin America accounts for nearly half of group revenues, with fast-growing Brazil driving the performance. Profit from the emerging region has helped offset damage in its more mature markets as a European economic crisis raises sensitivity to pricing. "Particularly noteworthy is the growing contribution of the businesses in Brazil to Telefonica's consolidated results, not only because of the increase in the company's stake in (mobile arm) Vivo but also because of accelerating organic growth," the company said in a statement. Latin American revenue rose nearly 6 percent in organic terms. The company holds a conference call at 1400 GMT (9:00 a.m. EST). (Additional reporting by Sonya Dowsett; Editing by Mike Nesbit) ($1=0.7045 euros) Technology Home Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language, all capital letters or appear to be spam, and we review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. 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