Telefonica saved 500 mln euros in 2012 by ending phone subsidies

MADRID Thu Feb 28, 2013 3:58pm GMT

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MADRID Feb 28 (Reuters) - Telefonica saved 500 million euros ($655.45 million) in 2012 by ending smartphone subsidies for new customers, Telefonica Europe Chief Executive Eva Castillo said on a conference call on Thursday.

Telefonica was ahead of its peers on removing subsidies and has vowed not to go back on the policy even after rival Vodafone reversed its decision to scrap subsidies in Spain following heavy customer losses.