Spain's Telefonica Q1 net profit drops 23 pct, misses forecast

MADRID Fri May 9, 2014 1:47am EDT

MADRID May 9 (Reuters) - Spain's Telefonica said on Friday its net profit for the first quarter of the year fell 23.2 percent to 692 million euros ($959 million), missing a Reuters forecast for 712 million euros.

Europe's biggest telecoms company by revenue said its operating income (OIBDA) dropped 14 percent to 3.929 billion euros, also missing a Reuters forecast for 3.935 billion euros. ($1 = 0.7214 Euros) (Reporting by Julien Toyer; Editing by Sonya Dowsett)