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Vodafone Q1 revenue growth slows

  • Vodafone has seen a decline in its sales growth in the first quarter on the back of a weak performance in Europe.

    Group service revenue grew 0.6 percent on an organic basis to $15.58 billion. That compares to the fourth quarter when the firm recorded growth of 2.3 percent.

    Sales in Italy and Spain slumped due to “challenging” conditions while UK growth dropped due to "increased competition and a weak economy".

    Vodafone is the world's largest mobile operator by revenue and provides its growth figures on a reported basis and on an organic basis.

    Organic revenue growth reflects performance on a comparable basis, by excluding the effects of mergers and acquisitions and fluctuations in foreign exchange rates.