Vodafone Says Underlying Revenue Growth Rebounding
February 04 2016 - 3:30AM
Dow Jones News
LONDON—Vodafone Group PLC said on Thursday that improved demand
in Europe, the mobile operator's most important market, underpinned
a rise in revenue its fiscal third quarter, when measured on a
comparable basis with the same period the previous year.
The group said that revenue—its preferred sales measure
excluding handset sales, acquisitions and mergers, on a constant
currency basis—rose 1.4% in the three months to end-December, a
turnaround from a 0.4% decline in the same period the previous
year, and up from 1.2% growth in the previous three months.
Vodafone's performance was in line with forecasts.
In its latest trading update, the U.K.-based telecommunications
group said that in nominal terms, excluding handset sales, revenue
fell 6.3% to £ 9.17 billion ($13.4 billion), in line with market
forecasts.
Vodafone's major markets in Europe are Germany, Italy and Spain.
Analysts say mobile business in Europe is benefiting from demand
for faster-speed mobile Internet data and media-driven bundled
subscriptions, pricing and a recovery in consumer spending.
Vodafone also says the burden of regulation is easing in
Europe.
It confirmed its full-year profit guidance.
Vodafone shares closed Wednesday at 213 pence, valuing the
company at £ 56.5 billion.
Write to Simon Zekaria at simon.zekaria@wsj.com
(END) Dow Jones Newswires
February 04, 2016 03:15 ET (08:15 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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