BT, the British telecoms giant, announced better-than-expected net profit of £511 million ($797 million) for the first quarter on Thursday.
Analysts had expected profit to come in around £491 million.
After years of under-performance, the share price has recently hit levels not seen since 2001 as optimism about its takeover of mobile operator EE and investment in cable television grows.
The combination of BT and EE has already been protested by rival operators as anti-competitive. In September, the U.K.'s competition body will issue provisional findings and identify any potential selloffs.