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Vodafone revenues hit £23.5bn as smartphone usage soars

Vodafone grew its revenues by 4.1pc to £23.5bn in the first half, as a stronger than expected performance in Europe.
09.11.11 | Source: The Telegraph

Vodafone grew its revenues by 4.1pc to £23.5bn in the first half, as a stronger than expected performance in Europe and a surge in data usage helped to offset problems in Egypt and Australia.

Income from the UK climbed 2.1pc, despite the impact of a reduction in mobile termination rates - the fees mobile operators charge each other to carry calls - which had a severe impact on growth in the first quarter. Revenues also rose in the Netherlands, Turkey and Germany, which edged up 0.2pc.

Vodafone Group

However, Vodafone's revenues continued to drop sharply in Spain, one of the countries worst hit by the downturn, although the rate of decline slowed slightly from a 9.9pc to a 9.3pc.

Analysts said the results cemented Vodafone's position as a safe haven investment, as the group upgraded its forecasts for full-year operating profit to between £11.4bn and £11.8bn, the upper ranges of the predictions in May 2011.

Its performance was helped by a 23.8 pc increase in revenues from data sercives in the six months to 30 September 2011 compared to the same period last year, to £3.1bn, or 14pc of the group's takings.

"Data represents the single biggest opportunity to Vodafone and the industry over the next few years, and we intend to continue to be at the forefront of stimulating data adoption among our customers," the company said in a statement. More than one in five Europeans now owns a smartphone.

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