Vodafone Q3 2011/12 results: Economic slowdown
Vodafone Europe’s underlying revenue growth declined by 0.7 percentage points in the December quarter, with its Southern European operations continuing to struggle in poor economic environments
Few competitors have reported their results so far, so it is hard to conclude on Vodafone’s competitive performance as yet, but we expect that the slowdown will prove market-wide
The company has stuck to its full year profitability targets, suggesting that strong cost cutting is making up for top line weakness |
Mobile, Telecoms |
February 2012 Access this report
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Vodafone Q3 2010/11 results: MTR cuts bite, and perhaps the snow too, but otherwise steady
Vodafone Europe’s revenue growth was broadly flat in the December quarter at 0.2%, but MTR cuts in Germany meant that underlying growth improved by 0.4ppts
Given flat economic growth in its key markets and the cold weather effect, this is a very respectable result, albeit not in line the company’s confident guidance given three months ago
With more severe MTR cuts scheduled over the coming quarters, and GDP growth forecast to not improve, revenue growth is more likely to decline than rise over the coming year |
Mobile, Telecoms |
February 2011 Access this report
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Vodafone Q3 2006/07 KPIs: steady but unspectacular
Vodafone’s underlying service revenue growth in its core European markets again improved, to 3.0% from 2.3% in the previous quarter, although most of this improvement was due to the impact from termination rate cuts being lower |
Mobile, Non-UK Telecoms, Telecoms |
February 2007 Access this report
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Vodafone Q2 2012/13: Growth slows further, will new pricing help?
Vodafone’s European revenue growth dipped again in the September quarter from -2% to -4%, with regulation and poor macroeconomics playing a part, but the company also lost ground to the competition
This poor competitive performance was likely due in part to the operating companies being distracted in anticipation of the new Vodafone Red tariffs launched in September and October
While the strategic logic of launching unlimited voice and text tariffs is sound, early evidence is that they are not revenue-enhancing in the short term, so further pressure on revenue growth is possible |
Mobile, Telecoms |
November 2012 Access this report
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Vodafone Live
Vodafone Live represents an attempt to claw back some of the initiative from handset manufacturers, and to offer product and services that add to revenue. We look at the early evidence from the UK about the design of this package, its consumer appeal and the likely impact on ARPU. Vodafone is launching this new campaign with a Java-enabled camera phone from Sharp. It is putting tens of millions of pounds behind Live, apparently targeting the product at young urban males, a demographic group that has become very loyal to Nokia. |
Telecoms |
October 2002 Access this report
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Vodafone KPIs - strategic issues
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Telecoms |
January 2006 Access this report
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Vodafone June quarter KPIs: the slide continues
Vodafone’s European revenue growth continued to slide, down to -4.4% in the June quarter from -3.3% last quarter, which itself was a sharp drop
A substantial element of this quarter’s decline was driven by an acceleration in termination rate cuts in Germany, but the general trend is weak volumes driven by a weak economy |
Mobile, Non-UK Telecoms, Telecoms |
July 2009 Access this report
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Vodafone June quarter KPIs: excuses, excuses…
Vodafone blamed a harsh competitive environment and the timing of Easter for its low revenue growth in core markets reported this week. Its growth did at least not decline again, although we expect that Vodafone will again prove to be underperforming its competitors as they report their figures over the coming weeks |
Telecoms |
July 2006 Access this report
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Vodafone June quarter 2011 results: Spain continues to drag
Vodafone Europe’s service revenue growth dropped by 0.5ppts to -1.3% in the June quarter, although most of this was due to a sharp MTR cut in the UK
Revenue in Spain was very weak due to a price re-adjustment, but trends elsewhere were broadly positive, with voice minutes growth improving overall
Medium term prospects are good, with MTR cuts fading, competitive performance improving and data growth likely to re-accelerate, but we expect declining growth in Turkey to drive a worse performance in the short term |
Mobile, Telecoms |
July 2011 Access this report
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Vodafone June quarter 2010 results: confidence issues
Vodafone Europe’s revenue growth again notched up, increasing by 0.7ppts as reported or 0.3ppts in underlying terms, with minutes volume growth accelerating by 1.8ppts
This is a little disappointing in the context of the rate of reported GDP recovery, but consumer confidence, particularly in Southern Europe, has re-dipped in the last few months, making raw GDP figures less relevant than they once were |
Mobile, Non-UK Telecoms, Telecoms |
July 2010 Access this report
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Vodafone June 2008 KPIs: economic woes... or competitive struggles?
Vodafone Europe’s service revenue growth dropped by two full percentage points in the quarter to June 2008; Spain plummeted from +5.1% to -2.5%, but the UK and Italy’s underlying growth also fell, with only Germany stable |
Mobile, Non-UK Telecoms, Telecoms |
July 2008 Access this report
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Vodafone June 07 Q1 results
Vodafone’s European operations revenue growth dropped, but not as much as various regulatory interventions would have warranted, implying a strong operational performance
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Mobile, Non-UK Telecoms, Telecoms |
July 2007 Access this report
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Vodafone half year 2010/11 results: slow improvements, strong strategy
Vodafone Europe’s underlying revenue growth rose slightly in the September quarter, performing well in a market that is still only slowly recovering. Control of fixed costs was strong, but rising handset subsidies pushed margins down again
Vodafone’s updated strategy contains strong elements of a focus on the nitty gritty and a move away from the more expansive desires of the past, which is excellent. Successful implementation remains a challenge, but at least head office is likely to be a help, not a hindrance |
Mobile, Telecoms |
November 2010 Access this report
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Vodafone H1 2011/12 results: Doing well in difficult circumstances
Vodafone Europe’s service revenue growth improved marginally in the September quarter, a very solid performance under tricky circumstances, helped by good competitive performances and judicious pricing measures
The combined Europe and group common function EBITDA margin was again held flat, despite continued smartphone adoption pushing up handset costs, with strong cost control again evident |
Mobile, Telecoms |
November 2011 Access this report
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Vodafone H1 2009/10 results: hitting the nadir?
Vodafone Europe’s service revenue growth declined again in the September quarter to -4.6%, but on an underlying basis it improved, and volume growth also improved, suggesting that improving economic fundamentals are starting to feed through
Margins again fell, with the net benefit of the cost reduction program a long way from compensating for revenue declines, but overhead costs are at least dropping in absolute terms |
Mobile, Non-UK Telecoms, Telecoms |
November 2009 Access this report
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Vodafone H1 2006/07 results: on the mend?
Vodafone’s revenue growth has improved, with core underlying growth rising both relative to the previous quarter and relative to its competitors |
Mobile, Telecoms |
November 2006 Access this report
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Vodafone FY 2011/12 results: Revenue growth improves, margins shakier
Vodafone Europe’s revenue growth improved by 1.5ppts on a reported basis and by 0.3ppts on an underlying basis; given the deterioration in macroeconomic conditions, this is a strong result, and Vodafone extended its outperformance of competitors
Margins were weaker with European EBITDA margin dropping about 1ppt on an underlying basis in H2. SAC/SRCs were for once well under control, but a very small rise in ‘other’ costs pushed margins down; with revenue growth well below inflation, maintaining margins is a massive challenge |
Mobile, Telecoms |
May 2012 Access this report
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Vodafone FY 2010/11 results: performing well in a weak market, smartphones helping
Vodafone Europe’s service revenue growth dipped by 1ppt in the March 2011 quarter, but nearly all of this was due to regulated MTR cuts, with its competitive performance actually improving again
The combined Europe and common cost EBITDA margin was actually held flat in H2 10/11 on H2 09/10, aided by some heroic (and, frankly, uncharacteristic) cost cutting efforts, with Vodafone’s cost profligacy days apparently behind it |
Mobile, Telecoms |
May 2011 Access this report
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Vodafone drops Carphone Warehouse, but who will fall further?
In a fit of pique over increasing subsidies, Vodafone UK is dropping Carphone Warehouse (CPW) as a distributor, and moving exclusively to Phones4U with lower subsidy levels and volume guarantees, while Orange is reportedly also considering its position with CPW |
Mobile, Telecoms |
October 2006 Access this report
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Vodafone December quarter update: inflection attained
Vodafone’s European revenue growth improved by 1.4 percentage points in the December 2009 quarter to reach -3.2%, the first improvement since the start of the economic slowdown in 2008
While data revenue is growing fast in absolute terms, its contribution to growth is flat to slightly down, with the main driver being more traditional services improving due to the recovery in year-on-year GDP growth |
Fixed line, Non-UK Telecoms, Telecoms |
February 2010 Access this report
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