Economy, Sci & Tech

Vodafone Reports Profits

Vodafone Reports ProfitsVodafone Reports Profits

Global cellphone operator Vodafone reported a better-than-expected 2.2% rise in first-quarter organic service revenue, marking an eighth consecutive quarterly rise in its main growth measure, aided by a strong performance in Spain and Germany. The world’s second-largest mobile operator confirmed its outlook for the full year on Friday, saying its European markets, which only returned to growth in the final quarter of 2015-16, were stable, with growth of 0.3% despite the impact of cuts in roaming charges, Reuters reported. Analysts had predicted a flat result in Europe. Faster growing markets in Africa, Middle East and Asia-Pacific grew by 7.7% in the three months to end-June, beating analyst forecasts of a 7% rise. Chief Executive Vittorio Colao said the group was making good progress. Vodafone has switched to reporting in euros from pounds, reflecting the relatively bigger size of its combined eurozone businesses.