* Ebitda 2.93 bln euros vs 2.98 bln euro fcast
* Revenue 7.07 bln euros vs 7.09 bln euro fcast
* Adj net debt 30.62 bln euros vs 31.07 bln euro fcast
(Adds details from statement)
MILAN, May 5 (Reuters) - Telecom Italia reported an 8.7 percent drop in first-quarter net profit on Friday hit by weakness in its key home market.
Revenues rose 10.3 percent from the previous year thanks to the incorporation of Telecom Argentina. But like other European operators, the company faced tough competition in its crowded domestic market.
Sales in Italy, which accounted for about two thirds of Telecom's revenues, fell 7.6 percent, eroded by aggressive pricing strategies. Crucial mobile domestic revenues dropped 12 percent.
Telecom Italia's Brazilian unit TIM Brasil reported on Monday a four-fold rise in first-quarter net income thanks to a wider client base and lower financial charges.
"A strong Brazil is not enough to be confident in the operational outlook," analysts at Exane-BNP Paribas wrote in a report this week, adding only easing competition in Italy could improve prospects for the former state incumbent.
Attributable net profit stood at 549 million euros. (Reporting by Valentina Za)