Vodafone Q1 2012/2013 results: Not quite as bad as it seems

23 July 2012

Vodafone Europe’s June quarter service revenue growth contracted sharply to -1.6% from -0.2% in the previous quarter

Given various one-off factors, and a likely continued macroeconomic driven slowdown, we expect that Vodafone’s underlying competitive performance is unchanged

The outlook is still poor, with macroeconomic and regulatory headwinds joined by a self-inflicted problem in Spain. Cost control at least appears to be going well, with slowing smartphone sales growth keeping handset costs under control

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