Vodafone share price: Total revenue drops in Q1

Vodafone (LON:VOD) has updated investors on its first-quarter performance this morning.

**Highlights from the company statement:**
Group total revenue was €13.4 billion and Group service revenue was €12.3 billion. Total revenue declined 4.5%, including a 5.3 percentage point negative impact from foreign exchange rate movements.
On an organic basis, Group service revenue increased 2.2%* (Q4: 2.5%*) and, excluding the impact of mobile termination rate (‘MTR’) cuts, Group service revenue grew 2.4%* (Q4: 3.0%*).

Vittorio Colao, Group Chief Executive, commented:

“We continued to make good progress during the first quarter. In Europe, our growth remains stable despite regulatory pressure on roaming revenue, with good performance in Germany, Spain and Italy while we are focussed on improving our performance in the UK. Our growth momentum in AMAP remains strong, with excellent performance in South Africa, Turkey and Egypt and ongoing recovery in India. Customers in multiple markets are attracted by our ‘more-for-more’ commercial offerings of larger data bundles and extra services, while we are seeing continued success with our fixed broadband and enterprise strategies.”
Summary and outlook
Trading in the first quarter was consistent with management’s expectations underlying the outlook statement for the 2017 financial year. The Group therefore confirms its outlook for the 2017 financial year.
**More to follow…**
As of 07:07 BST, Friday, 22 July, Vodafone Group plc share price is 225.10p.