Telefonica's sales in its home market of Spain slid by nearly 9 percent, as the company moves to halt major acquisitions and mergers, and cutting the company's debt in a bid to rekindle investor confidence. It stock price is down 18 percent this year before today, and fell just over 1 percent at market opening in Madrid.
However, due to the massive Latin America market that the company still has, the losses were offset by a 17.5 percent rise in revenue in the region. The Latin American market now accounts for nearly half of the group's revenue, acting as a measured balancing act between the two core regions.
Telefonica holds a massive share of the Spanish and Latin America market, and holds a heavy presence in Europe and the UK.
The eurozone's largest telecoms provider in terms of market value, and one of the largest broadband and phone providers in the world, had previously promised a dividend of 1.75 euros per share in 2012.