News
Vodafone’s revenue has risen for the first time since March on the back of demand for high-speed broadband during the COVID-19 pandemic.
City A.M. reported that Vodafone has seen revenues rise by 0.4 per cent in the third quarter, outperforming the 0.2 per cent decline predicted by analysts, whilst shares jumped by 3.2 per cent as several analysts backed Vodafone as a stock to buy.
Nick Read, Group CEO, said: “We are now firmly back into growth and I expect that growth to accelerate from here. Our networks have successfully delivered another quarter of record data traffic as many countries continue to endure Covid-19 lockdowns and customers depend on our services.
“I continue to be proud of the hard work of my colleagues, and that of the industry more broadly, who have kept societies connected and supported in key sectors such as education and healthcare.”
Vodafone’s shares have dropped 16 per cent in the last year, but the recent growth in sales ends a run of two quarters of declines.
Richard Hunter, Head of Markets at Interactive Investor, said: “Despite the challenges, Vodafone remains a cash generating behemoth, with its multi-million customer base making a powerful cumulative contribution to income.”
