Telefonica's second-quarter net profit more than doubled, boosted by a 1.3 billion euros ($1.8 billion) capital gain from the sale of radio operator Airwave, an Associated Press report said.
The Associated Press report said the Madrid-based company raised its revenue growth target for 2007 to between 8% and 10%.
Telefonica, the largest telecommunications company in Spain and Latin America, said net profit rose to 2.57 billion euros ($3.50 billion) from 1.14 billion euros ($ 1.55 billion) a year earlier, according to the report.
Revenue rose 6.5% to 14.08 billion euros ($19.2 billion) from 13.22 billion euros in the same period last year.
Telefonica's shares were up 0.6% at 17.11 euros ($23.36) in morning trading in Madrid.