Despite the uncertain macro economic environment, Telefónica said it now expects revenues in 2022 to be at the high-end of its guidance for low single digit growth in 2022. That guidance relates to organic growth and includes 50% of its joint venture with Virgin Media in the UK.
In the second quarter of 2022, Telefónica's revenues rose 5.2% in organic terms, up from less than 4% in the previous quarter, with growth across all the group's markets. It said that service revenue and handset sales grew by 3.9% and 17.4% respectively. Group revenue in the second quarter was 10.04 billion euros.
The Madrid-based group continues to look for opportunities in adjacent markets. In June, for example, Repsol and Telefonica España launched Solar360, a new joint venture to "develop the solar self-consumption business." Solar360 plans to serve private customers, communities of neighbours and companies, SMEs, and large companies. Telefonica said it brings distribution channels, technological capacity and "IoT capabilities to provide the installations with a differential connectivity in the market." Source: Telefónica statement