Vodafone hit by Germany and Italy woes
LONDON,
July 19 (Reuters) - Vodafone posted an as expected first-quarter 3.5
percent drop in its key organic service revenue as increasing
competition in Germany and Italy wiped out improvements in India ...
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Vodafone hit by Germany and Italy woes
LONDON, July 19 |
(Reuters) - Vodafone posted an as
expected first-quarter 3.5 percent drop in its key organic service
revenue as increasing competition in Germany and Italy wiped out improvements in India at the world's second largest mobile operator.Vodafone, which has been battling increasing regulation, recession and competition across Europe in the last year, said on Friday organic service revenue was down 5.1 percent in Germany, its biggest European market.
Service revenue in Britain was down 4.5 percent while Spain was down 10.6 percent and Italy down 17.6 percent, as customers sought to save money by making fewer calls and retaining older handsets, and as rivals stepped up competition.
"Although regulation, competitive pressures and weak economies, particularly in Southern Europe, continue to restrict revenue growth, we continue to lay strong foundations for the longer term," Chief Executive Vittorio Colao said in a statement.
The British firm reiterated its full-year outlook and said group overall revenue in the three months to the end of June was 11 billion pounds ($16.7 billion), in line with consensus.
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