Vodafone Q4 2012/13 results: Growth drops, 4G going slow

22 May 2013

Vodafone’s European revenue slowed again, with declining underlying growth compounded by increased MTR cuts, and Vodafone Red tariffs seemingly driving both reduced customer acquisition and ARPU

Vodafone is investing in 4G on a leisurely timetable, planning to upgrade only 40% of sites to 4G by March 2015, and is seemingly more concerned about securing fixed fibre access than driving mobile

The March quarter growth may mark a nadir of sorts, but we believe a return to positive growth can only come when Vodafone apes its US associate and invests substantially in its network to truly differentiate

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