Gulfstream, G550 Business Jet. (Photo credit: dirkjankraan.com)
It is hard to have sympathy for large multinational companies at the best of times, even when they are really going through times of woe, but I can have no sympathy for Telefonica which, according to Bloomberg, is taking action to cut costs that in my view shouldn’t have been there in the first place.
The Spanish company that focuses on the mobile industry and offers businesses tools like video conferencing to stop enterprises having to travel around the world for meetings has made the bold decision to sell off two of its business jets.
Yes, the firm that tells us all to stay at home and talk on its phones or communicate using its video kit has corporate jets.
And it is not just that the firm has jets, it apparently has more jets than any other publicly traded company in Spain.
What is even better is it is only selling two – Telefonica actually has four – and one of them is being replaced as it had already put in the order for a new Gulfstream jet three years ago.
Telefonica hopes to make €35m for the planes but, as a firm whose debt is bigger than its market value, I think it should think about getting rid of the whole fleet and start using some of those tools it so eagerly wants us to snap up as business users, rather than spreading its wings to pop overseas.