Vodafone Backs Guidance Despite 1Q Revenue Slip; Names New Incoming CFO
July 24 2023 - 2:50AM
Dow Jones News
By Joe Hoppe
Vodafone Group PLC said Monday that revenue in its first quarter
declined though it reiterated fiscal 2024 guidance, and named Luka
Mucic as incoming chief financial officer.
The U.K.-based telecommunications group said revenue for the
first quarter ended June 30 was 10.74 billion euros ($11.95
billion) compared with EUR11.28 billion a year earlier.
The company said group service revenue growth rose 3.7% on an
organic basis, improving from 1.8% in the final quarter of fiscal
2023. German service revenue improved to negative 1.3% from
negative 2.8% in the preceding quarter, driven by broadband price
increases.
Vodafone reiterated its fiscal 2024 guidance, expecting adjusted
earnings before interest, taxes, depreciation and amortization to
be roughly flat at around EUR13.3 billion.
"Looking ahead, we have taken the first steps of our action plan
focused on customers, simplicity and growth, but we have much more
still to do," Chief Executive Margherita Della Valle said.
The company separately said Mucic will takeover as CFO from
Sept. 1. Mucic was previously chief operating officer of SAP SE
from 2014-2017, and CFO of SAP from 2014 until the end of March
this year.
Write to Joe Hoppe at joseph.hoppe@wsj.com
(END) Dow Jones Newswires
July 24, 2023 02:35 ET (06:35 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
Vodafone (NASDAQ:VOD)
Historical Stock Chart
From Jun 2024 to Jul 2024
Vodafone (NASDAQ:VOD)
Historical Stock Chart
From Jul 2023 to Jul 2024