#AMX results whipsawed by foreign exchange movements both in operations & US$1.2B Forex loss ow.ly/cxFdI
#TEF reports tough but solid results. LA leads and Europe drags. Slight overall growth and better margins. ow.ly/cvRox
Full Disclosure: I left Comcel as President in December of 2001 having spent 13 months working for America Movil. Since I left, I have on occasion provided advice to the group mostly in regulatory issues. I have advised principal competitor Telefonica through my association with Yankee Group.
Latin American giants America Movil and Telefonica posted their second quarter financial results on successive days last week. Both were less than their managements are accustomed to deliver. But they differed in the reasons for less-than-sterling performance, revealing fundamental issues in both companies.
With a home market in shambles and tough times throughout their European footprint, Telefonica’s results were not as bad as many expected with ever-so-slightly better performance than the first quarter, with once again growth in Latin America offsetting the bloodshed at home. Telefonica cancelled its dividends for 2012 to preserve cash and
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