Announcing its first quarter results, Telefónica echoed many of the narratives that often build around European telcos. It is focusing on new options to monetize its infrastructure, particularly fiber, in Europe, but it struggling to make a success of its digital operations. Of two new units set up as part of its strategic plan last year, Telefónica Tech is growing, but Telefónica Digital’s revenues seem to have evaporated. This is a common pattern. Many of the Spanish group’s peers are struggling to boost ARPU or generate revenue from digital services, despite 5G, but they are finding ways to unlock more value from their physical assets, including through carve-outs, while delivering a wider range of revenue streams on increasingly capable networks,…