Telefonica’s second quarter net profit dips to 447 mln euros

Spanish telecom company Telefonica said on Wednesday its net profit fell a less than expected 3.3% in the second quarter.

The company booked a net profit of 447 million euros ($483.83 million) out of overall revenues of 10.26 billion euros.

The profit came in higher than the 336 million euros expected by analysts according to a consensus provided by the company.

Telefonica said its performance in the January-June period put it on track to meet its targets for the full year.

Separately, the Spanish company said it opened talks with rival Millicom to merge their respective units in Colombia.