Earnings: Telefonica Profits Fall 50 Percent

Telefonica (NYSE: TEF) reported third quarter profit declined 50 percent to 2 billion euros ($2.5 billion) from 4.02 billion euros ($5 billion) , after its sale of Endemol last year increased earnings. Sales were up a modest 5.7 percent to 14.99 billion euros ($19 billion) from 14.19 billion euros ($18 billion), driven by strong growth in its Latin American unit. Still, the figure beat analyst forecasts of 14.88 billion euros ($18.9 billion), according to a Bloomberg survey.