Vodafone revenue falls on weakness in Italy and Spain

Revenue was weighed down by foreign exchange movements and weakness in Italy and Spain but Vodafone reiterated its full-year outlook of earnings growth of between 1 per cent and 5 per cent. Revenue for the three months was €10.9bn, which Vodafone said represented organic growth of 1.1 per cent under the new accounting standard. Revenue in Italy dropped 6.7 per cent as the company absorbed the impact of new rival Iliad entering the market with aggressive tariffs. Stephane Beyazian, an analyst with Raymond James, said the impact on Vodafone was worse than expected with service revenue down almost 10 per cent in Italy compared with 0.9 per cent for Telecom Italia. Spain, where lower cost competitor MásMóvil has been strong, was also weaker for Vodafone with revenue dropping 1.7 per cent.

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