Feeds

Vodafone's Euro revenues slump by nearly TEN PER CENT

Project Spring fails to insert itself into firm's financial step

Reducing security risks from open source software

Vodafone's latest results make grim reading for the company's investors, with revenues in established markets falling and subscribers drifting away despite the firm's 4G investments.

The British mobe operator's service revenues fell in Europe by 9.6 per cent and was only partially offset by gains in India and Turkey.

The group ended 2013 booking £10.97bn in revenue of which £9.856bn was service revenue in the final quarter, leaving it with £1bn free cash.

Overall group revenue fell by 4.8 per cent quarter-on-quarter. Vodafone blamed EU regulators and the slump for its European doldrums.

UK revenue was down 5.1 per cent, in Germany by 7.9 per cent and Spain and Italy the fall was well into the teens. The Australian operation, a joint venture with Hutchison, saw revenue fall by 8 per cent.

In the UK Voda has 19.3m subscribers, down around 100,000 net, with 40.5 per cent on prepaid. Only around 370,000 are on 4G however, compared to EE's 2m LTE customers.

The sale of the group's 45 per cent stake in Verizon gives the mobe giant a pile of cash - $130bn, or around £84bn. But it isn't splurging it all on the network: around £50bn is being returned to investors. It's also spending £7bn on an upgrade program it calls 'Project Spring', although that's largely made up of in-place upgrades from 3G to 4G.

The amount of capex was £1.8bn, up a little from £1.5bn a year ago. Telco analyst Keith McMahon laid into the firm via Twitter:

Voda's debts, including joint ventures, stand at £31.5bn. Without the JVs it's still riding high at £29.8bn.

AT&T and Softbank have been touted as potential buyers for Vodafone - if only for the cash. You can hop over to this PDF for a country-by-country breakdown. ®

Mobile application security vulnerability report

More from The Register

next story
BBC goes offline in MASSIVE COCKUP: Stephen Fry partly muzzled
Auntie tight-lipped as major outage rolls on
iPad? More like iFAD: We reveal why Apple fell into IBM's arms
But never fear fanbois, you're still lapping up iPhones, Macs
Nadella: Apps must run on ALL WINDOWS – PCs, slabs and mobes
Phone egg, meet desktop chicken - your mother
White? Male? You work in tech? Let us guess ... Twitter? We KNEW it!
Grim diversity numbers dumped alongside Facebook earnings
Microsoft: We're making ONE TRUE WINDOWS to rule us all
Enterprise, Windows still power firm's shaky money-maker
HP, Microsoft prove it again: Big Business doesn't create jobs
SMEs get lip service - what they need is dinner at the Club
ITC: Seagate and LSI can infringe Realtek patents because Realtek isn't in the US
Land of the (get off scot) free, when it's a foreign owner
Dude, you're getting a Dell – with BITCOIN: IT giant slurps cryptocash
1. Buy PC with Bitcoin. 2. Mine more coins. 3. Goto step 1
There's NOTHING on TV in Europe – American video DOMINATES
Even France's mega subsidies don't stop US content onslaught
prev story

Whitepapers

Designing a Defense for Mobile Applications
Learn about the various considerations for defending mobile applications - from the application architecture itself to the myriad testing technologies.
How modern custom applications can spur business growth
Learn how to create, deploy and manage custom applications without consuming or expanding the need for scarce, expensive IT resources.
Reducing security risks from open source software
Follow a few strategies and your organization can gain the full benefits of open source and the cloud without compromising the security of your applications.
Boost IT visibility and business value
How building a great service catalog relieves pressure points and demonstrates the value of IT service management.
Consolidation: the foundation for IT and business transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.