UPDATE 1-Telefonica's profits hit by currency changes, focus on O2
April 29, 2016 at 02:33 AM EDT
MADRID, April 29 (Reuters) - Spain's Telefonica reported on Friday a 6.7 percent drop in first-quarter core profits to 3.376 billion euros ($3.85 billion), broadly in line with forecasts as lower currencies in key overseas markets more than offset slight growth in underlying revenue.