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Euronews: Layoff Costs Tear Into Telefonica's Q3

Telefónica SA (NYSE: TEF) and Telecom Italia (TIM) take us into the weekend in today's helping of EMEA telecom headlines.

  • Another day, another victim of the Euro financial crisis: Spanish giant Telefónica saw its first quarterly deficit in nine years in its third-quarter financials, reports Business Week, with a net loss of €429 million (US$584 million) topping analysts' worst fears. The cost of job cuts was a key factor in the results. (See Telefonica's Profits Dip Jan-Sept, Telefonica Holds Key to Digital Model and Telefonica Restructures, Creates New Units.)

  • In Italy, where austerity measures have yet to kick in, Telecom Italia increased revenues by more than 10 percent year-on-year during the first nine months of 2011, with EBITDA (earnings before interest, tax, depreciation and amortization) up 8.3 percent. It will be interesting to see where the figures go from here, though, as the nation braces itself for post-Berlusconi payback time. (See Telecom Italia EBITDA Up 16.6% in Q3, Telecom Italia Reports H1 and Euronews: T Italia Gets Busy in Brazil.)

  • Industry figures at this week's eForum event in London called on the U.K. government to take a more coordinated approach to the development of network infrastructure, reports Computing. Why, they asked, aren't the people in the department responsible for the smart-meter rollout talking to regulator Ofcom , which oversees broadband progress?

  • Not the biggest of its problems, perhaps, but Nokia Corp. (NYSE: NOK) has been knocked off the top of the Greenpeace ranking list of sustainable consumer electronics companies, reports the BBC, to be replaced by HP Inc. (NYSE: HPQ). (See Does Green Telecom Make Cents?)

  • Virgin Media Inc. (Nasdaq: VMED) has formed a partnership with start-up "incubator" The Cube in London's so-called Tech City that will allow those being incubated to test out their products and services on Virgin's 1Gbit/s broadband network. It's being done on a trial basis, with the trial lasting for a year. (See Virgin Media Partners With TheCube.)

    — Paul Rainford, Assistant Editor, Europe, Light Reading

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