November 27, 2019 / 4:58 PM / 12 days ago

Telefonica unveils plan to raise revenues by $2.2 bln in 2022

MADRID, Nov 27 (Reuters) - Spain’s Telefonica unveiled on Wednesday a plan aimed at generating more than 2 billion euros ($2.2 billion) a year in additional revenues from 2022 onwards, mainly focusing on its digital business.

Along with its peers, Europe’s fourth-largest telecoms company has struggled in recent years to boost profit growth in an increasingly crowded market.

The new measures include an “operational spin-off” of its Latin American business, which includes a strategic review. Chief Executive Jose Maria Alvarez Pallete said in a letter to stakeholders that the company was open to mergers and acquisitions in the region.

$1 = 0.9073 euros Reporting by Andres Gonzalez, editing by Isla Binnie

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