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O2 Rises On Smartphone Usage, Telefonica Looks Strong

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Telefonica (NYSE: TEF) manages to get through its 72-page 2009 annual report without making any reference to iPhone, on which its O2 lost UK exclusivity last year – but the carrier also has Palm (NSDQ: PALM) Pre and other touchscreens, and credits “smartphones” generally with growing its subscriber count by 5.1 percent

Britain’s leading network slimmed churn to just 2.6 percent and found 15.4 percent more voice traffic, but EC-enforced lower call prices meant 8.7 percent less voice call revenue and total average customer revenue is down 4.4 percent. O2 UK more than doubled its broadband lines to 591,514.

O2 UK clocked 3.5 percent more revenue (