By Adria Calatayud

Telefonica said it is on track to meet its 2024 guidance after first-quarter profit rose sharply, with revenue and underlying earnings increasing slightly.

Net profit for the first three months of the year amounted to 532 million euros ($571.9 million), up 79% compared with the same period last year, the Spanish telecommunications group said Thursday. The company's net result benefited from a profit from investments after its year-earlier result was hit by a decline in the valuation of investments and higher taxes.

Revenue was up 0.9% at EUR10.14 billion, with rises in Spain and Brazil offsetting a decline in its Hispam business.

Adjusted earnings before interest, taxes, depreciation and amortization rose 1.9% to EUR3.205 billion, Telefonica said.

Analysts had expected Telefonica to report quarterly revenue of EUR10.07 billion, adjusted Ebitda of EUR3.18 billion and net profit of EUR388 million, according to estimates compiled by the company.

The company said its first-quarter performance was fully in line with its management's expectations and leaves it on track to meet its targets for the full year.

Write to Adria Calatayud at

(END) Dow Jones Newswires

05-09-24 0149ET