Spain's Telefoncia reported a 22.4 percent increase in first quarter net income to $2.38 billion, and posted a big rise in IPTV subscribers. The telco landed 43,000 new IPTV customers in the first quarter, giving it a total of 554,045. The IPTV penetration rate among the company's existing broadband customers is now more than 11 percent. Telefonica also saw revenue rise just over 1 percent to $21.5 billion.
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