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Vodafone revenue in line with estimates

VODAFONE, the world's largest mobile phone firm by revenue, reported sales in line with market expectations for the quarter to end-June as strength in India and Africa compensated for weakness in Europe.

The group, the first of Europe's major telecoms carriers to report this quarter, reiterated its reduced full-year guidance yesterday for flat profits. It has not given guidance for full-year revenue.

Organic service revenue fell 2.1 percent but reported group revenue rose 9.3 percent to 10.743 billion pounds (US$17.74 billion), thanks to positive currency effects and a higher stake in South Africa's Vodacom.

A Reuters consensus for revenue was 10.834 billion pounds.

"The service revenue trend in Europe was consistent with the previous quarter and we continued to see good growth in India and South Africa," Chief Executive Vittorio Colao said.

Organic revenue fell in Spain and Britain, as expected, and also fell 4.8 percent in Germany, driven by cuts in mobile termination charges, reduced roaming as tourists and business people cut down on travel and lower spend by prepay customers.

Vodafone added 8 million customers in the quarter.


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