- Wednesday, October 16, 2024
Vodafone Group, a leading telecommunications company based in the U.K., has reported a decrease in third-quarter revenue. Despite this, the company's business segment continues to experience growth. For the quarter ended December 31, group revenue declined by 2.3% compared to the same period last year, reaching 11.37 billion euros ($12.27 billion). However, on an organic basis, revenue increased by 4.2%.
The closely monitored metric of service revenue within the telecom sector also experienced a decline, falling from EUR9.52 billion to EUR9.38 billion. Italy saw a decrease of 1.3%, while the U.K. saw a rise of 5.2%. Spain experienced a decline of 1.2%, and other European service revenue grew by 3.6% to EUR1.175 billion. Germany's service revenue saw a modest increase of 0.3% to EUR2.89 billion, and Turkey's service revenue rose to EUR393 million.
Vodafone Business, a division of the company, witnessed accelerated service revenue growth of 5%. This growth was driven by the strong performance of digital services.
Vodafone has reiterated its expectation that adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA), as well as adjusted free cash flow, will remain steady for the year. Adjusted EBITDA is anticipated to be around EUR13.3 billion, while adjusted free cash flow is expected to be approximately EUR3.3 billion.
Group Chief Executive Margherita Della Valle expressed satisfaction with the strategic progress made in the first nine months of the year, highlighting improvements in customer satisfaction and three consecutive quarters of service revenue growth in Europe. Additionally, Della Valle mentioned that Vodafone's planned transactions in the U.K. and Spain are progressing well, and active discussions are ongoing in Italy.
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