Vodafone: says quarter in line with expectations
(CercleFinance.com) - British mobile phone giant Vodafone said on Wednesday that trading during the first quarter ended 30 June was in line with management's expectations.
Total revenue fell by 4.9% to 10.9 billion euros in the quarter, due to the adoption of a new accounting principle - called IFRS 15 - and FX headwinds.
As expected, the group's organic service revenue growth slowed during the first quarter, because of increased competition in Italy and Spain.
In a statement, Vodafone said that its overall performance, including good progress in reducing operating costs, provided "confidence."
The group therefore confirms its expectation that organic adjusted EBITDA will grow by 1-5% this year, with free cash-flow generation of at least 5.2 billion euros.
The London-listed shares were down 0.5% after this trading update.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
Total revenue fell by 4.9% to 10.9 billion euros in the quarter, due to the adoption of a new accounting principle - called IFRS 15 - and FX headwinds.
As expected, the group's organic service revenue growth slowed during the first quarter, because of increased competition in Italy and Spain.
In a statement, Vodafone said that its overall performance, including good progress in reducing operating costs, provided "confidence."
The group therefore confirms its expectation that organic adjusted EBITDA will grow by 1-5% this year, with free cash-flow generation of at least 5.2 billion euros.
The London-listed shares were down 0.5% after this trading update.
Copyright (c) 2018 CercleFinance.com. All rights reserved.