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Telefonica Brasil's Q2 profit drops 21.6% but still exceeds expectations

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Telefonica Brasil SA on Wednesday reported a 21.6% drop in second-quarter net income, but still hit market expectations as lower financial expenses slightly compensated smaller revenues amid the coronavirus pandemic.

SAO PAULO, July 29 (Reuters) - Telefonica Brasil SA VIVT4.SA on Wednesday reported a 21.6% drop in second-quarter net income, but still hit market expectations as lower financial expenses slightly compensated smaller revenues amid the coronavirus pandemic.

In a securities filing, Brazil's largest wireless carrier said its net profit hit 1.113 billion reais in the quarter to June 30, above a consensus estimate of 1.008 billion reais compiled by Refinitiv.

(Reporting by Gabriela Mello, editing by Louise Heavens)

((Gabriela.Mello@thomsonreuters.com; +55 11 5644 7553; Reuters Messaging: gabriela.mello.reuters.com@reuters.net))

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