Vodafone’s revenue growth has improved, with core underlying growth rising both relative to the previous quarter and relative to its competitors
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Vodafone UK’s new broadband product is not very competitively priced compared to the offers from Carphone Warehouse and Orange, costing £5-10 a month more than the nearest equivalent packages
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
Vodafone is taking the first step in implementing its convergence strategy in the UK by buying broadband from BT Wholesale; while we believe the strategy is misguided, Vodafone’s approach is at least cautious
The company is at least unlikely to be losing money on the product, and is perhaps just sensibly testing the water for positive consumer interest in a bundled package from Vodafone
We expect the water to be very cold - results from Orange, NTL and BT suggest continued very low consumer interest in fixed-mobile convergence, and we doubt that Vodafone will fare much better
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
CPW will also benefit from its partnership with AOL for portal advertising, content and other internet-based applications, relatively small but fast-growing value-added services in which CPW has little experience or market position, which will prove important in terms of both customer retention and margins.
Vodafone's performance in its core European markets is continuing to worsen in both absolute terms and in relation to its competitors, and its margin progression is weak
There is little evidence of a revenue meltdown
NTL’s acquisition of Virgin Mobile will improve NTL’s prospects for revenue growth and enable it to exploit the Virgin brand and marketing expertise
Vodafone’s discussions with Softbank to exit Japan could remove its most troubled and ill-fitting subsidiary, but only if the structure allows for a clean break, which will require tricky financial engineering given Softbank’s limited ability to pay
We estimate that savings for the typical French contract customer would actually be around 5%, and therefore not worth the extra handset cost and inconvenience involved
Vodafone announced last week a new extension to its range of music services that will offer European subscribers interactive mobile radio through a collaboration with Sony NetServices
More prominent profile of media in Free's mix of broadband, telephony and IPTV to improve customer retention and attract content owners to Free's broadband distribution channel, while VoIP remains the principal driver for non-access revenues