Weak European markets hit Vodafone revenue
Telecommunications company Vodafone has seen reported revenue fall by 3.6 per cent to £10.9bn for the quarter ended 31 December.
The European market proved to be a tough environment for the the FTSE 100-listed company, with price competition across the region seeing a fall in German revenue of 7.9 per cent and UK revenue of 5.1 per cent.
The picture was a stronger one in emerging markets where India saw revenue growth of 13.2 per cent and Turkey 3.9 per cent.
Vodafone remains on track to achieve its target of 11-12m customers on Vodafone Red by March 2014, with 9.8m customers on Vodafone Red already.
Vittorio Colao, chief executive, commented:
Our emerging market businesses are growing strongly, supported by consistent execution and accelerating demand for data. In Europe, conditions are still difficult, and we continue to mitigate these challenges through on-going improvements to our operating model and cost efficiency.
Last month US mobile giant AT&T backed away from a long-rumoured bid for Vodafone.