Telefónica Reaches 2009 Latin America Target Early

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Spanish incumbent Telefónica has announced that it has reached its target for subscribers in Latin America over a year early. The company had expected to reach 150mn subscribers by the end of 2009, according to projections it made in 2007, but José María Álvarez-Pallete, the company's general manager, confirmed that its operations in Latin America had passed the 150mn subscriber mark, reaching 148mn in June this year. While Telefónica's operations in Spain and Europe have been experiencing slower growth, the potential in Latin American markets remains and continues to drive the company's growth.