TEM reveals strong second quarter results

28 Jul 2005

Spanish mobile phone group Telefónica Móviles (TEM) added 5.4 million customers in the second quarter of 2005 – up from three million in the first quarter – to take its overall client base to 86.5 million. Rivals Orange and Vodafone had 66.7 million and 165 million subscribers respectively. Revenues came in above analyst expectations, rising 45% year-on-year to EUR7.76 billion (USD9.6 billion), thanks partly to the acquisition of ten former BellSouth-owned cellcos in Latin America. Domestically, Móviles posted second quarter revenue growth of 10.6% and added 304,000 customers. It added that it now had 115,000 3G customers in Spain.