Telefonica (TEF) reported Q4 adjusted earnings Tuesday of 0.06 euro ($0.07) per share, down from 0.09 euro a year earlier.
A single analyst polled by FactSet expected 0.11 euro.
Revenue for the quarter ended Dec. 31 was 9.17 billion euros, up from 9.11 billion euros a year earlier.
Analysts surveyed by FactSet expected 9.13 billion euros.