Telefonica Brasil SA (VIV) shares plummeted 5.13% in pre-market trading on Monday, following the release of the company's first-quarter financial results.
The sharp decline was driven by the company's earnings per share falling short of analyst expectations. Telefonica Brasil reported quarterly earnings of $0.15 per share, which missed the consensus estimate of $0.17 by 11.76%. In Brazilian Real terms, the company posted EPS of 0.39 Real, compared to the FactSet estimate of 0.50 Real.
While the company's revenue of $2.936 billion beat estimates and showed a 19.49% year-over-year increase, and net income rose 19.2% to R$1.26 billion, investors focused on the earnings miss, leading to the pre-market selloff.
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