Vodafone June 07 Q1 results

European service revenue growth dipped to -0.5% in Q3 as SFR’s woes took their toll and ongoing pressure in Germany weighed.

The more constructive pricing environment in Germany was short-lived, with O2 stepping up its aggressiveness since September.

For some, competitive intensity is worsening ahead of a consolidation solution, but the Italian and Spanish markets are showing healthier signs.

The Champions League is further increasing its share of the total value of European football media rights.

In Spain, LaLiga has extended its partnerships with Telefónica and DAZN until 2032.

Ligue 1’s direct-to-consumer service needs partners if the French league’s rights are to return to the value of its previous cycle.

The expected service revenue boost from in-contract price increases failed to materialize this quarter, nullifying the upside surprise last quarter.

Traffic growth picked up again to 17%, lending further weight to the view that at least some of the recent sharp slowdown was somewhat one-off in nature.

Government statistics imply steep mobile price inflation while the opposite is true—which may help to diffuse the current furore over in-contract price increases.