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Vodafone Group PLC Reports Decline in Q1 Revenue


Vodafone Group PLC announced on Monday that it experienced a decline in revenue during its first quarter. However, the telecommunications group reaffirmed its fiscal 2024 guidance and also revealed that Luka Mucic will step in as the new chief financial officer.

In the first quarter, which ended on June 30, Vodafone reported revenue of 10.74 billion euros ($11.95 billion), down from EUR11.28 billion in the previous year.

On an organic basis, the company’s group service revenue growth increased by 3.7%, a notable improvement compared to the 1.8% growth observed in the final quarter of fiscal 2023. Additionally, German service revenue saw an improvement, transitioning from a negative 2.8% to a negative 1.3% in the preceding quarter, driven by broadband price increases.

Despite the revenue decline, Vodafone reiterated its fiscal 2024 guidance and expects adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) to remain roughly flat at around EUR13.3 billion.

Chief Executive Margherita Della Valle expressed optimism about the future, stating, “Looking ahead, we have taken the first steps of our action plan focused on customers, simplicity, and growth, but we have much more still to do.”

In other significant news, Vodafone announced that Luka Mucic will assume the role of CFO, starting from September 1. Mucic brings valuable experience to the position, having previously served as the chief operating officer of SAP SE from 2014 to 2017 and as the CFO of SAP until March this year.

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