Trending: Vodafone's 1Q Service Revenue Rose, Backs Full-year Outlook

0918 GMT - Vodafone is among the most mentioned companies across news items over the past three hours, according to Factiva data. The U.K.-based telecommunications company said Monday that revenue for the three months ended June 30 was 10.74 billion euros ($11.95 billion), down from EUR11.28 billion a year prior, but ahead of market expectations and reflective of the sale of the Hungary and Ghana subsidiaries. Service revenue grew 3.7% on an organic basis, with improvements across Europe driven by the U.K., and better-than-feared key performance indicators in the major market of Germany. "There is potential for further improvement in the second quarter, given further back-book price rises in Germany and further contributions in business-to-business in Southern Europe," Citi analysts say in a research note. Vodafone further reiterated its fiscal 2024 guidance, expecting adjusted earnings before interest, taxes, depreciation and amortization to be roughly flat at around EUR13.3 billion. The company also named Luka Mucic as incoming chief financial officer, starting from September. Shares at 0900 GMT were up 3.24 pence, or 4.4% at 76.75 pence. Dow Jones & Co. owns Factiva. (joseph.hoppe@wsj.com)

(END) Dow Jones Newswires

July 24, 2023 05:34 ET (09:34 GMT)

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