Telefonica operates mobile and fixed networks in Spain (where it is the incumbent telephone operator), U.K., Germany, Brazil, and other Latin American countries. The company derives approximately 30% of its revenue from Spain and 20%, 15%, and 15% from Germany, U.K., and Brazil, respectively. In Latin America, Telefonica also operates in Mexico, Argentina, Chile, Peru, and others.

Telefonica is the incumbent telephone operator in Spain, which accounts for about 29% of the group’s sales as of 2020. Besides Spain; Brazil, Germany and U.K. are key markets. Management intends to spin off its Latin American operations, except Brazil. The firm has launched two new business units: Telefonica Tech and Telefonica Infrastructure. Telefonica Tech, a B2B segment offers cybersecurity, the Internet of Things, big data, and cloud services. Telefonica Infrastructure manages the firm’s infrastructure assets (towers, antenna systems, data centers, and greenfield fiber projects).

Telefonica is the incumbent fixed-line and wireless telephone operator in Spain, which accounts for about a quarter of revenue. It is the second-largest wireless carrier in the United Kingdom (14% of revenue). Telefonica Deutschland, it’s 69%-owned German business (15% of revenue), is the largest wireless operator in the country. The remainder of the business includes substantial fixed-line and wireless assets in Latin America. The firm’s 74%-owned subsidiary in Brazil (20% of revenue ) is the largest wireless carrier in the country and second-largest Internet access provider. Telefonica also generates significant revenue in Argentina (5%), Chile (4%), and Peru (4%).