Telefonica is back on top. Although far from making 10 billion euros in profits like it did in 2010, the telecom expects to lead the ten major telecommunications companies in the Old Continent this year, ousting its arch rival Vodafone unexpectedly.
Management has done a good job controlling spending and buying strategic companies, allowing the company to be more competitive. Still, its debt remains high. César Alierta can't lower his guard as he leads the company through a critical transformation.
