Telefonica Stock Dips On Weak Net Profit; Sees Revenue Growth In FY16

Shares of Telefonica SA (TDE.L, TEF) declined around 3 percent in the morning trading in Spain after the telecom group reported Friday lower net profit in fiscal 2015 on hefty charge. Revenues were higher on increased accesses. Looking ahead, for 2016, the company expects revenue growth to be greater than 4 percent year-on-year, and OIBDA margin stabilizing.