Telefonica (BME: TEF) rolled out its 5G network in Spain on Tuesday. The telecommunications company said that at least 75% of the population will have access to its next-gen mobile internet before the start of the next year.
In a statement on Tuesday, President Maria Alvarez-Pallete of Telefonica said:
“The launch of our 5G network constitutes a leap forward towards the hyperconnectivity that will change the future of Spain.”
Telefonica tanked about 5% in the stock market on Tuesday. It was reported trading at £5.64 per share at the start of 2020, but now has a significantly lower per-share price of £2.90 per share that marks the lowest in 2020 so far. Interested in trading stocks online? Here’s a simple guide to get you started.
Spain is the leader of digital infrastructure in Europe
Telecom operators from all across Europe have started launching their 5G networks for businesses and individual consumers. Users of smart devices will soon be able to benefit from unprecedently higher download speeds. As per Alvarez:
“Our network has always been a differential asset. People’s lives pass through it, and it has demonstrated unparalleled strength when it’s been most needed.”
Alvarez had pledged complete digitalisation of Spain, including public administration, small and medium companies, and citizens in July. Alvarez also said on Tuesday:
“Spain will reap great benefits. 5G constitutes not only a new generation of mobile telephony, but it’s also a revolution in terms of its practical applications for all the sectors, and because it allows the extension of ultra-broadband coverage to rural areas, many of them depopulated.”
According to Telefonica, Spain is the leader of digital infrastructures in Europe as its fibre optic
