Shares in Spain's Telefonica dive after 2019 net profit disappoints
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MADRID (Reuters) - Shares in Spain's Telefonica dived in opening trade on Thursday, leading losers on Madrid's blue-chip index after the company posted a sharp fall in net profit mainly due to an expensive layoff programme in its home country.Along with its peers, Europe's fourth-largest telecoms group is battling to boost profit growth in an increasingly crowded market, and promised to reinvent itself in November.As part of the turnaround plan, Telefonica offered early retirement to employees..