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Updated Saturday, November 12, 2011 0:31 am TWN, AP

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Layoffs force Spain's Telefonica to see first quarterly loss in nine years

MADRID -- Spanish telephone company Telefonica lost 429 million euros (US$584 million) in the third quarter due in part to hefty costs in laying off workers in Spain's moribund economy. Telefonica said Friday this was its first quarterly loss in nine years.

It compared to profits of 5.1 billion euros in the same period of 2010, although that figure included a one-off gain from Telefonica's takeover of Brazilian cell phone company Vivo.

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