Vodafone drops €750m compared to last year

Vodafone today announced that it saw significantly less revenue in the third quarter of this year compared to last.

The telecommunications company, which is based in London and operates internationally, brought in a revenue of €10,998m, compared to last year’s €11,750m - a difference of more than €750m.

The company’s worst area in the quarter was Europe, which earned more than €800m less than last year.

However, in the rest of the world, the company’s revenue went up by nearly €100m.

Nick Read, chief executive, commented: “I am pleased with the pace at which we have executed our commercial and strategic priorities, which has allowed us to maintain our momentum in the quarter.

“Competition in Europe remains challenging, primarily in the value segment, however we continued to improve customer loyalty and to grow in broadband, and we achieved good growth in Africa.

“We expect a further gradual improvement in service revenue growth in Q4, led by Europe.

“We have recently announced the proposed sale of our stake in Vodafone Egypt, which simplifies the Group into two scaled regional platforms - Europe and sub-Saharan Africa - and reduces our net debt.

“We have also appointed the senior management team for our European TowerCo, and we are preparing for a potential IPO in early 2021.”