Telefonica Q1 Net Profit Surges

Spanish company

reported a strong rise in its net profit for the first quarter. Telefonica's quarterly net profit surged to EUR1.8 billion ($2.04 billion), versus a year-ago profit of EUR688 million. Basic EPS climbed to 0.38 euro from 0.14 euro, while EPS from continuing operations slipped to 0.09 euro from 0.12 euro. Its revenue gained 12.6 percent to EUR11.54 billion. Organic revenue climbed 3.3 percent in the quarter. The company reiterated its outlook for 2015. Telefonica shares rose 0.27 percent to $15.00 in pre-market trading.