- 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)
Vodafone FQ3 revenue falls but beats forecasts
Feb 6 2014, 03:27 ET