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Telefonica withdraws 2020 guidance after Q1 profit fall

May 7 (Reuters) - Telefonica SA withdrew its 2020 financial guidance after the Spanish telecoms company reported a sharp fall in first-quarter net profit on Thursday.

Net profit fell to 406 million euros ($438 million) from 926 million a year earlier on revenue of 11.37 billion, in line with forecasts from analysts polled by Reuters.

$1 = 0.9269 euros Reporting by Inti Landauro and Isla Binnie; editing by Jason Neely

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