Vodafone (NASDAQ:VOD) earnings for the British wireless company’s fiscal first quarter of 2021 have VOD stock taking a beating on Friday. That comes after reporting revenue of 10.51 billion euros during the quarter.
Let’s take a more thorough look at the most recent Vodafone earnings report below.
- Revenue reported during the quarter is down 1.4% from 10.65 billion euros in the same period of the year prior.
- The company says it saw a decline in revenue due to the effects of the novel coronavirus on the market.
- While total revenue is down, service revenue is up 1.3% from 8.99 billion euros to 9.11 billion euros.
- Vodacom revenue was down 11.8% during the quarter but the company saw a 6.6% increase in service revenue in Europe.
- Germany was a specific high point for the company during the period with a service revenue increase of 25.4% from the same time last year.
Nick Read, CEO of Vodafone, said the following in the current earnings report.
“Our trading performance in the first quarter demonstrates the relative resilience of our operating model and focused delivery of our strategic priorities. Whilst we have seen the direct impact on our revenue from travel restrictions and business project delays, we have also seen increased usage in voice and data, alongside record NGN broadband customer net additions in Europe.”
Vodafone provides some guidance for fiscal 2021 in its earnings report. That includes expectations for free cash flow to reach at least 5 billion euros for the year.
VOD stock was down 4.8% as of Friday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.