LONDON-- Vodafone Group PLC on Thursday reported a
narrower-than-expected fall in third-quarter revenue amid tough
conditions in Europe, its key market.
Revenue in the three months ended Dec. 31 fell 3.6% to GBP10.98
billion ($17.91 billion), beating market forecasts of GBP10.86
billion.
Group service revenue, which makes up the bulk of the U.K.-based
mobile giant's top line but excludes handset sales, fell 4.8% on a
comparable basis that excludes acquisitions and disposals. That
compares with a 2.6% decline in the same period last year.
On the same basis, revenue in Europe fell 9.6% in the
quarter.
"In Europe, conditions are still difficult, and we continue to
mitigate these challenges through ongoing improvements to our
operating model and cost efficiency," said Chief Executive Vittorio
Colao.
The world's No. 2 mobile operator by number of subscribers,
after China Mobile Ltd., reiterated its fiscal-year guidance of
adjusted operating profit at around GBP5 billion and free cash flow
in the range GBP4.5 billion to GBP5 billion. It didn't disclose
earnings figures.
A squeeze on consumer spending in recession-hit European
markets, particularly in the south, has hurt Vodafone's results in
the past few years, even as Mr. Colao last November said there are
signs of a recovery.
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