Telefonica Posts Surge In Q4 Profit

Telefonica SA TEF reported a strong rise in its fourth-quarter net profit. Telefonica's quarterly net profit surged to EUR1.45 billion ($1.98 billion), versus a year-ago profit of EUR473 million. However, analysts were expecting a net profit of EUR1.16 billion. Its sales slipped 8.9% to EUR14.43 billion. Telefonica shares closed at $15.48 yesterday.