Vodafone Reports Setback in Germany, Growth in UK, Turkey, and Africa
London, UK - Vodafone Group Plc (VOD) experienced a decline in its German market during the third quarter. However, the mobile giant saw stronger performance in the United Kingdom, Turkey, and Africa.
Germany Lags Behind
In Germany, Vodafone's service revenue decreased by 6.4% in the quarter, further widening the 6.2% drop registered in the previous quarter. The company attributes this primarily to changes in pay-TV regulations and increased competition in the mobile sector.
Stronger Trading in Other Markets
Despite the setback in Germany, Vodafone reported a 5.2% surge in its overall service revenue for the three months ending December 2023. This growth was driven by advancements in the United Kingdom and robust performance in Turkey and Africa.
Executive Commentary
Margherita Della Valle, Vodafone's Chief Executive, commented, "We remain committed to improving our German operations, and we're encouraged by positive customer trends. However, the mobile market environment has grown more competitive."
Financial Guidance Maintained
Vodafone has reaffirmed its full-year financial guidance.