Telefonica is leading Europe in the movement to converged services.
Telefonica reported first-half revenue growth that was hurt by currency declines in Latin America and the U.K. The firm reported organic revenue growth of 1.3% but a decline of 7.7% in euros versus our projection of growth of 1.5%. While we expect to reduce our revenue expectations for most of its Latin Operations, we actually expect revenue to grow on a reported basis due to Telefonica's U.K. operations being reinstated after its proposed sale to 3 U.K was killed by European regulators. Additi...
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