Vodafone Posts Impressive Quarterly Results
Vodafone Group posted better than expected quarterly results, in part due to growth in emerging markets through recent acquisitions. The world's largest wireless carrier said that growth in India as well as an increase in customers using mobile data services helped it see a 16% jump in revenue compared with the last quarter of 2006. Vodafone posted revenue of $18.2 billion. The carrier also said it increased its mobile customer base by 10.8 million, ending the quarter with 252.3 million subscribers.
Excluding its acquisition of India's Hutchison Essar, Vodafone saw organic service revenue growth up 4.4%, compared with expectations of around 3.5% to 4%. This growth was due in large part to increased data usage by customers in Europe; the company reported a 51.6% increase in data sales for the quarter.
While Vodafone Chief Executive Arun Sarin said he sees no signs of the company slowing down, telecoms analyst Emeka Obiodu with research firm Global Insight, wrote in a statement: "Although today's result is impressive, the focus will be on whether it is sustainable. Unless Vodafone moves fast to enter new markets, Global Insight expects the good times to be short-lived."