Spain's Telefonica posted a 22.4 percent rise in first-quarter net profit to 1.54 billion euros ($2.38 billion) on Wednesday.
Operating income before depreciation and amortisation (OIBDA) rose 5.3 percent to 5.38 billion euros.
Telefonica reiterated group guidance for 2008, which include OIBDA growth of between 7.5 percent and 11 percent and a revenue increase of 6-8 percent, despite a slowing Spanish economy from which the group derives more than 40 percent of core earnings.
Telefónica, S.A., is a Spanish telecommunication company. Operating globally, it is one of the largest fixed-line and mobile telecommunications companies in the world: 4th in terms of number of clients and in the top five in market value. Telefónica is the second largest corporation in Spain.