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Telefonica , Europe's largest telecoms firm by market value, continued to lose market share in its home country Spain in May as cash-strapped customers shopped around for cheaper telecoms.
Telefonica, which dominates the mobile market, saw its share in May slip to 41.23% from 41.34%, as did number 2 player Vodafone which fell to 28.36% from 28.6%, the latest data from the Telecoms Market Commission showed on Tuesday.
Telefonica has been shedding clients in droves at home as unemployment of 21% makes customers particularly price sensitive and sends them to cheaper operators such as TeliaSonera's Yoigo, whose customers increased by 51,600 overall.
Telefonica is to cut more than 20% of its Spanish staff in an attempt to reduce its cost base and allow it to compete more fiercely. Yoigo now has a market share of 4.64%, up from 4.56%.
Virtual operators, which offer customers mobile services using the networks of Spain's main mobile operators, also grew share to 5.62% in May from 5.26% a month earlier. Telefonica also shed market share in the broadband internet market in May, dropping to 51.35% versus 51.70% in April.