Telefonica 9-Month Profit Jumps 51%

Spain's Telefonica said on Monday that net profit rose 51 percent to 7.85 billion euros ($11.54 billion), far ahead of market expectations.

Results at Telefonica, Europe's no. 2 telecoms company, were underpinned by a strong operating performance as well as one-off gains from the sale of assets.

Group revenues rose 8.6 percent to 42.01 billion euros, while core earnings (OIBDA) rose 24.5 percent to 18.25 billion euros, both in line with expecations.

In a Reuters poll of 10 analysts, net profit was seen at 6.81 billion euros with a range of 6.47-7.03 billion euros in expectations.

Telefonica reiterated ful-year guidance for group revenues to rise 8-10 percent, core earnings (OIBDA) to rise 10-13 percent and operating profit to increase 19-23 percent.