Revenue growth for Vodafone Ireland all but stalled in the latest three months as it faced more competition.
It said that service revenue grew by 0.1% in its financial third quarter -- down from 0.9% growth in the previous quarter -- due to heightened mobile competition. The international telecoms giant faced tougher competitive conditions across the rest of Europe too.
“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,” group chief executive Nick Read said, adding he expected gradual improvement in service revenue growth.
Vodafone is focusing operations on two regions - Europe and sub-Sahara Africa - and last month it agreed to sell its 55% stake in Vodafone Egypt.
It has appointed the senior management team for its European tower company, Mr Read said, and is preparing for a potential public listing in early 2021. Vodafone reiterated its full-year guidance of adjusted core earnings of €14.8bn to €15bn.