Telefonica TEF had announced last year's results that were normally in line with the company's estimations, and the company won't be changing its fair value estimate.

The report showed fall of 2.1 percent year over year against their expectation of a decline of 1.7 percent.

Excluding negative currency movements, profit would have been raised by 0.2 percent.

In spite of the weak economy, the company raised its subscribers 5.1 percent to 265 million accesses.

However, the company also showed some betterment in its home market of Spain in the Q4, while profit fell by 5.4 percent for the year.

Meanwhile, the company did well, with profit increased 5.3 percent in local currency terms and 3.7 percent in euro terms in Latin America and 1.1 percent in Europe.

Despite personnel costs increasing 2.7 percent, the company was able to reduce the other costs so as to maintain its earning before interest, taxes, depreciation and amortization margin, which came in at 39.8 percent against company's projection of 39.7 percent.

Meanwhile, this growth should assist the company to expand sales faster than the other European telecom operators.