MADRID (Reuters) - Spanish telecom company Telefonica (BME:TEF)'s first-quarter net profit rose a higher-than-expected 79% on higher revenues.
The company said it booked a net profit of 532 million euros ($571.47 million) in the first quarter out of revenues of 10.14 billion euros.
Analysts expected a net profit of 388 million euros out of 10.07 billion revenues, according to a consensus provided by Telefonica.
Adjusted earnings before interest, taxes, depreciation and amortization, a measure of profitability, rose 1.9% to 3.21 billion euros, it said.
The performance in the first quarter was in line with the expectations of the management, who reiterated the targets for the full year.
($1 = 0.9309 euros)