The company has decided to expand (1)/ its operations onto new markets, (2)/ which will allow them to increase (3)/ their profits in the upcoming quarters (4).
The error is in part (2). The correct preposition should be "into" instead of "onto." The phrase should read "its operations into new markets." "Into" is used to express movement or direction toward a specific destination, which is appropriate when discussing expansion into new markets . "Onto" is used for physical placement on a surface, which does not apply in this context.
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