Spain unemployment leads to Telefonica profit fall

Spain's largest phone company, Telefonica,  announced on Friday that its full year operating profit had decreased to €20.2bn from €25.8bn year-on-year. Net profits were down to €5.4bn from €10.1bn in 2010.

The fall was caused by lower domestic revenue and costs of cutting jobs amid rising unemployment, which saw customers switch to cheaper rivals, Telefonica said.

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