SAO PAULO-SP, Brazil (AP) — SAO PAULO-SP, Brazil (AP) — Telefonica Brasil SA (VIV) on Monday reported fourth-quarter earnings of $347.5 million.

The Sao paulo-Sp, Brazil-based company said it had net income of 22 cents per share.

The results beat Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 17 cents per share.

The telecommunications company posted revenue of $2.89 billion in the period.

For the year, the company reported profit of $1.1 billion, or 68 cents per share. Revenue was reported as $10.67 billion.

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