Spanish telco giant Telefónica swung to profit in the third quarter from a net loss in the same period last year, as growing contributions from its Latin American operations offset mounting troubles in Europe.

The company said net profit for the three months to September 30th rose to €1.38 billion, from a €429 million loss a year earlier, when earnings were hit by costs incurred is laying off 6,500 workers at Telefónica’s underperforming Spanish unit.

The telco reported a total 760,000 pay-TV subscribers in its home market at the end of the third quarter – whilst its fixed broadband access total hit 5.6 million.

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