Vodafone revenue increases after Indian market entry


Vodafone revenue increases after Indian market entry
Vodafone, the world's largest mobile operator by sales, has announced that year-on-year total group revenue during its third quarter rose by 15.8 per cent.

Total revenue reached £9.2 billion, with organic growth of 4.4 per cent, the company said.

Third-quarter revenue from wireless services rose by 4.2 per cent to £8.4 billion, up from £7.2 billion 12 months prior.

"We have sustained our recent momentum in the third quarter," said Vodafone chief executive Arun Sarin.

Mr Sarin said the mobile provider was well positioned for the coming year as the company's performance beat analysts' expectations.

Total service revenue in Europe increased 7.2 per cent to £6.6 billion, with a 15.8 per cent increase in the UK alone, its best performing market.

"The group's underlying financial performance for the quarter is consistent with its expectations," the company said in the update, adding that full-year forecasts would be met.

Vodafone added 10.8 million new customers, beating estimates and pushing its total clientele to 252 million.

Additionally, Mr Arun said last month he wants to increase the Vodafone's exposure in Africa to tap into the rapidly developing market.

The telecommunication provider also recently launched in India, the fastest growing mobile market in the world, after acquiring Hutch Essar.

Vodafone Essar generated a 71 per cent increase in year-on-year customers, putting on 4.2 million new clients during the quarter.

Customer bases in the Middle East and Asia also showed substantial gains.

The quarterly statement did not include profit or earnings figures.

Despite the widespread revenue gains, investors have not shared the same positive outlook with shares in Vodafone falling 2.9p, or 1.64 per cent, to 174p in morning trading.

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