Telefónica and France Telecom reported resilient earnings Thursday despite slowing economic growth and confirmed their full-year forecasts, but BT Group shares slumped on doubts its targets were too ambitious.

Some analysts said fears that carriers would be hit badly by economic weakness were overdone but others noted that a slowdown in Spain affected results, although not as strongly as with Vodafone which last week blamed Spain for a cut in its full-year outlook.

To read this Reuters article in full, see iht.com/articles/2008/07/31/business/31telecoms.php.