Telefónica, S.A. has reported a 16% rise in its second quarter profits as growth in Latin America compensated for weaker markets in Spain. The company reported a net profit of EUR2.12 billion for the quarter, ahead of analysts’ forecasts of EUR1.92 billion. 

Consolidated revenue rose 5.4% year-on-year in the first half of 2010 to EUR29.1 billion. Growth was stronger in Latin America (+10.2%) and Europe (+10.8%), and the recovery trend gained traction in Spain.

The company has also reiterated its guidance for the short (2010) and medium term (2012) as well as its shareholder remuneration commitment.

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