U.S. Markets close in 3 hrs 48 mins

Telefônica Brasil posts Q1 net profit 22.2 pct higher, beats expectations

SAO PAULO, May 9 (Reuters) - Telefonica Brasil SA on Thursday posted a quarterly net income 22.2 percent higher compared to the same period a year earlier, exceeding market expectations amid solid operational performance and lower financial expenses.

In a securities filing, Brazil's largest wireless carrier said net profit hit 1.342 billion reais ($341.71 million) in the first quarter, based on new international accounting standards known as IFRS 16. Analysts on average expected a net income of 1.282 billion reais ($326.43 million), according to Refinitiv data.

($1 = 3.9273 reais) (Reporting by Gabriela Mello; Editing by Kirsten Donovan)