Vodafone's European Revenues Tumble But Group Holds Full Year Profit Forecast
By Martin Baccardax | February 7, 2013 6:18 PM EST
Vodafone reported big declines in European revenues for its third quarter but said growth in emerging markets would keep full-year profit forecasts on track.
Service revenues across all of Vodafone's major European markets fell in the three months ending in December, the group's fiscal third quarter, the company said in a trading update published Thursday on its website. Group service revenue for the period fell 2.6 percent to £10.373bn ($16.3bn; €12bn).
However the group kept its full-year guidance for adjusted operating profit and free cash flow unchanged.
"Our results continue to reflect very difficult market conditions in Europe," said CEO Vittorio Colao in the statement. "We are addressing this through firm actions on cost efficiency, and continuing to invest in areas of growth potential. We continue to make progress in our Vodafone 2015 strategy, with good revenue growth in data and emerging markets, the launch of LTE services in another four markets and the acquisition of new spectrum."
Spain and Italy saw declines of 11.3 percent and 13.8 percent respectively. Across southern Europe, group service revenues fell 11.9 percent to £2.34bn, while markets in northern Europe notched a 0.9 percent revenue decline to £4.837bn. UK service revenues fell 5.2 percent, the company said.
Growth in the group's Africa, Middle East and Asia Pacific operations, however, was a robust 2.7 percent, taking service revenues in that region to £3.147bn.
Vodafone shares rose 2.4 percent in early London trading to change hands at 174.5 pence each. The shares have risen 6.1 percent over the past month.
To report problems or to leave feedback about this article, e-mail:
To contact the editor, e-mail:
Most Popular Slideshows
- ‘Sons of Anarchy’ Season 7 Finale Spoilers: Kurt Sutter On Ending The Biker Series And Picking The Right Song For The Final Ride
- Prince Charles’ Wife Camilla Parker-Bowles In Drug Scandal - Reports
- Prince Harry Kissing Mystery Blond, Cressida Bonas & Camilla Thurlow Are Distant Memory
- St. Louis Rams 28, Seattle Seahawks 26 [PHOTOS]
Join the Conversation
- Ebola ‘Cruise Ship’: Holidaymakers Furious Organisers Hid the Truth About Dallas Health Care Worker
- Canada Conducts Practice Drill Of Ebola Rapid Response Teams, To Send Experimental VSV-BOV Vaccine To WHO
- 5 Cities With The Highest Cost Of Living In 2014
- New Zealand Losing $9.4 Billion Every Year to Fraud
- 5 Smartphone Apps For The Workaholic
- Galaxy Note 4 vs Redmi Note 2 vs iPhone 6: Samsung in Danger with Depressing Q3
- Apple Inc. (AAPL) Stock Set to Soar Beyond $100 Despite Decline After New iPad Launch
- iOS 8 Jailbreak Release Date Likely this October 2014 with Pangu not Evad3rs Firming Up as Creator
- iPhone 6 vs Nexus 6 vs Galaxy Note 4: Performance and User Interface Comparison
- Fappening: Message Board Posters Belittle Nude Photo Leakers As D-Listers Seeking Publicity
- Fappening: Lindsay Clubine, Wife Of Boston Red Sox Pitcher Clay Buchholz, & George Sampson Of Britain’s Got Talent, Are The Latest Victims Of Celebrity Nude Leaks
- U.S. Missile Shield In Europe Opens In Romania: Russia's Reservations Ignored