Vodafone revenue up, but EU spending down

Vodafone has reported a 9.3% quarterly spike in revenue but maintained its forecast that the full-year would be “at best  flat.”

Buoyed by strategic merger and acquisition activity, it posted sales of €12.44 billon, but

European revenue fell as consumer spending slowed and the decline in travel shrank global roaming revenue.

"The service revenue trend in Europe was consistent with the previous quarter and we continued to see good growth in India and South Africa," Vodafone CEO Vittorio Colao said.

Service revenue rose 4.4% in Europe but  rose 26.3% in Africa and Central Europe, bolstered by the Vodacom acquisition, and 21.8% in Asia Pacific and the Middle East.

Vodafone added 8 million customers during the quarter, taking its customer base to 315 million.

The carrier has committed to €1.16 billion in expenditure cuts to offset declining European revenue, and reported that the program was on track.

The company confirmed full-year earnings guidance of free cash flow in 2010 of between €6.9 billion and €7.5 billion and would update its full-year guidance in November.

 

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