Vodafone FQ3 revenue falls but beats forecasts

|About: Vodafone Group Plc (VOD)|By:, SA News Editor

Vodafone (VOD) FQ3 revenue dropped 3.6% to £10.98B but topped consensus of £10.86B ($17.91B) .

Organic group service revenue -4.8%. In Europe, where Vodafone said conditions "are still difficult," sales dropped 9.6%, with Germany -7.9%, the U.K. -5.1% and Italy -16.6%. In Africa, Middle East & Asia Pacific, the figure rose 5.5%.

Revenue was hurt by price competition in Germany and the U.K., as well as by weak southern European markets.

However, the company said "the shift to 4G is gaining momentum," so it's optimistic that its "revenue performance will begin to improve."

Vodafone reiterated its fiscal-year guidance for adjusted operating profit of £5B and free cash flow of £4.5-5B.

The company didn't disclose profit figures.

Shares are +1.5% in London. (PR)