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Vodafone Clocks ~2% Revenue Growth In Q1 Driven By Europe, Africa; Reiterates FY23 Guidance

  • Vodafone Group Plc (NASDAQ: VODreported first-quarter FY23 revenue growth of 1.6% year-on-year to €11.28 billion, mainly driven by service revenue growth in Europe and Africa. The organic revenue growth was 2.7% Y/Y.

  • The service revenue grew 1.3% Y/Y to €9.51 billion. The organic service revenue growth was 2.5% Y/Y.

  • Europe Consumer contract mobile ARPU grew by 0.7% Y/Y.

  • Vodafone Business service revenue grew by 1.7% Y/Y, driven by higher roaming and digital services revenue.

  • Growth in Africa was supported by data revenue and financial services growth thanks to M-Pesa customer base growth.

  • Service revenue in Turkey increased to 35.8%Y/Y, driven by higher inflation.

  • Outlook: Vodafone reiterated its FY23 Adjusted EBITDAaL forecast of €15 billion – €15.5 billion and Adjusted free cash flow of €5.3 billion.

  • Price Action: VOD shares traded higher by 0.26% at $15.46 in the premarket on the last check Monday.

  • Photo Via Company

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