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Telefonica, S.A.'s CEO Discusses Q1 2012 Results - Earnings Call Transcript

Stocks in this article: TEF

Slide #5 shows the sustained ramp-up in accesses growth to 7% year-on-year. The very strong performance in mobile, particularly in broadband, underpin accesses expansion to over 309 million, in spite of the 2 million mobile disconnections in Spain in Q1. Mobile net adds reached 4.3 million in the first quarter, 1.5x higher than a year ago, on the back of higher gross adds, churn control and a twofold rise in net adds in Latin America. We again posted record smartphone sales, accounting for 81% of commercial activity in Europe in the first quarter of 2012.

Top line reacceleration was driven by 2 key strategic pillars, Latin America and mobile data, as shown in Slide #6. Revenues in Latin America posted high-single digit growth, with a remarkable 580 basis points acceleration quarter-on-quarter. This performance more than offset the decrease in top line in Europe.

On the mobile data space, the growing demand of smartphones and the strong traction of the new key data propositions led to a 55% year-on-year increase in our mobile broadband accesses, with the 17% mobile broadband penetration. As a result, data revenues rose 15% year-on-year to reach over 1/3 of mobile service revenues. Non-SMS revenues already account for 55% of total data sales as we leverage tier pricing to monetize the strong increase in data traffic, with traffic overall rapidly converging.

Read the rest of this transcript for free on seekingalpha.com

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