Satellite television service provider DirectTV reported that profit grew 10.4 percent during the first quarter, beating analysts' estimates.

Net income rose to $371 million, or 32 cents per share, compared to $336 million, or 27 cents per share in the year earlier period. Revenue was up 17 percent to $4.59 billion from $3.91 billion. Analysts were expecting a net profit of 31 cents per share on revenue of $4.47 billion.

Its subscriber base in the U.S. rose 5.2 percent to 17.1 million. In Latin America, it grew 24 percent to 3.5 billion. The company only lost 1.36 percent of its subscribers during the quarter.

Growth came from increased demand for DirecTV services were primarily driven by high-definition and digital video recording and interactive services. Most of the new 200,000 Latin American subscribers were from Brazil, Venezuela and Argentina, the company said.

The company also announced it would raise $2.5 billion in debt through a private offering of $1.35 billion notes due in 2016 and $1.01 billion under an existing credit arrangement.

The company says it will use the funds for general corporate purchases, including a dividend payment that will be used to buy stock for a share repurchase program.

Shares of DirecTV rose $1.21, or 4.69 percent to close at $27.01.

Directv