Published in Mobiles

Vodafone does well thanks to Italy and Germany

by on15 November 2016


Europe looking good

In a slap in the face for Brexit, British mobile phone outfit Vodafone reported a better-than-expected 4.3 percent rise in core earnings in the first half of the year, helped by improving trading in big European markets like Germany and Italy.

The world's second biggest mobile operator reported earnings before interest, tax, depreciation and amortization of 7.9 billion euros, beating a 7.8 billion euro consensus forecast. Service revenue was up 2.4 percent in the second-quarter, unexpectedly ahead of the 2.2 percent recorded in the first quarter and ahead of what analysts thought.

Vodafone slightly lowered the top of its range for full-year earnings to 15.7 to 16.1 billion euro. The top limit was previously 16.2 billion euro. 

Chief Executive Vittorio Colao said the improvement in Europe was "modestly ahead" of expectations, led by Germany and Italy, and the group had executed its strategy well in emerging markets, although competition in India had increased.

"We expect to sustain our underlying performance in the second half of the year and remain on track to meet our full-year objectives despite macroeconomic uncertainties," he said.

 

Last modified on 15 November 2016
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