Telefónica Swallows the Pain to Reset the Story

Telefónica Swallows the Pain to Reset the Story - Moby THE GIST Telefónica, a Spanish telecommunications firm, posted its biggest annual loss in more than two decades. Strip out the accounting carnage and the core business is growing again. The question for investors is simple. Is this the bottom of a long cleanup, or just another chapter in a familiar European telco saga. WHAT HAPPENED The Spanish telecoms group reported a net loss of €4.32 billion (about $5 billion) for 2025, its largest since the earl ...