Vodafone reiterates outlook on emerging markets
Vodafone has reiterated its outlook on Friday after faster-growing markets such as India and Turkey helped the world's largest mobile company by revenue to withstand tough trading and increased regulation in Europe.
Vodafone posted first-quarter organic service revenue growth of 1.5 percent, down from the 2.5 per cent recorded in the previous quarter. The overall performance was pulled lower by the 1.3 per cent fall in European organic service revenue, which was worse than the 0.8 per cent fall in the fourth quarter but slightly better than the forecast of a 1.5 per cent drop.
Sector analysts had been braced for a slew of bad results from European telco companies, as regulatory changes eat in to margins and consumers struggle, but they had looked to Vodafone and Telenor to shine due to their presence in the fast-growing emerging markets.
Vodafone said its presence in markets such as India would allow it to reiterate its outlook, which was previously stated as full-year adjusted operating profit in the range of 11 billion pounds to 11.8 billion pounds, and free cash flow of 6 to 6.5 billion pounds.
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