Telefonica Quarterly Profit Rises 21%

Telefonica SA TEF reported a 21% rise in its net profit for the three months to March 31. Telefonica's quarterly net profit surged to 902 million euros, from EUR748 million, in the year-ago period. However, analysts were expecting a net profit of EUR952 million. Its sales declined 8.8% to EUR14.1 billion. Telefonica shares closed at $14.64 yesterday.