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05 Feb, 2024 07:58 05 Feb, 2024 08:17

Vodafone struggles in Italy, Germany, but holds guidance

Telecoms giant Vodafone held full-year guidance as it reported a fall in third-quarter service revenues, driven largely by declines in Germany.

The company on Monday said service revenues fell 1.4% to €9.3bn on a reported basis. Service revenue growth in Germany was down 0.3%.

Vodafone added that it was still in active talks on a potential merger for its Italian operations after rejecting a deal with rival Iliad in Italy last month.

Service revenue in Italy fell by 1.3% in the third quarter against a 1% drop in the prior three months.

“Vodafone’s third quarter had some pockets of optimism for investors to cling to. Growth was in line with the second quarter, arguably a better result than some had feared," said Matt Britzman, equity analyst at Hargreaves Lansdown.

"The key German market managed to scrape its way into growth territory but saw a slowdown. Comparisons to the second quarter were always going to be tough, with some non-recurring revenue streams not repeating."

"Regulatory changes in Germany are set to kick in this year, adding a layer of uncertainty to operations in the region."

Reporting by Frank Prenesti for Sharecast.com


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We provide third party news for your convenience and information only and make no representation or endorsement whatsoever and hereby exclude all liability for any loss or damage that may be incurred by you as a result of your access or use. Please note that third party content may be subject to terms and conditions imposed by the third party owner of that content.

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