Vodafone reported a drop in service revenue in its largest market, Germany, in the first quarter.
Turkey, however, helped boost the overall service revenue growth to 2.5% quarter-on-quarter.
In Europe and Africa, Vodafone’s growth has been in line with expectations, according to Chief Executive Nick Read.
Vodafone reported a drop in its first-quarter service revenue, reflecting losses from broadband and TV following regulatory changes in Germany.
Although service revenue growth accelerated quarter-on-quarter to 2.5%, it said it was on track to hit full-year targets thanks to strong inflationary conditions in Turkey and Britain.
According to Vodafone, its German TV customer base fell by 79,000 and its cable broadband service saw a 34,000 decline after regulatory changes ended processes like automatic recontracting, resulting in a 0.5% decrease in service revenue.
The company stated that the scale of customer losses had decreased compared to the previous quarter.
Vodafone’s Chief Executive Nick Read said the company had performed in line with expectations, with growth in Europe and Africa.
In November, he said he would pursue consolidation in a number of Vodafone’s European markets as well as opportunities for its towers business, Vantage Towers.
our near-term focus remains on our operational and portfolio priorities, he said on Monday.
We have made good progress towards stabilizing our commercial performance in Germany, and we will continue to actively pursue opportunities with Vantage Towers and strengthen our market positions in Europe.”
