September 30, 2020

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Vodafone meets earnings expectations, pulls guidance due to Covid-19

Vodafone meets earnings expectations, pulls guidance due to Covid-19

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The Vodafone symbol found displayed on a smartphone with a pc model of the coronavirus on the history.

Budrul Chukrut | SOPA Images | LightRocket through Getty Photos

Vodafone, the world’s second largest mobile operator, met expectations with a 2.6% increase in entire-calendar year main earnings to 14.9 billion euros ($16.10 billion), but did not give a existing calendar year outlook due to the uncertainty brought on by the coronavirus.

“We are going through a direct effect on our roaming revenues from lower international vacation and we also hope financial pressures to affect our customer revenues in excess of time,” it mentioned on Tuesday.

“Nevertheless, we are also looking at substantial boosts in information volumes and further enhancements in loyalty, as our shoppers position greater value on the quality, speed and trustworthiness of our networks.”

The organization reported presented the uncertainties and impacts of the global pandemic it was not ready to present modified core earnings steerage for the recent yr.

But it stated that based mostly on evaluation of the world-wide economy, it could be flat to a little down, as opposed to a rebased 14.5 billion euros for 2020.

It did offer steering for no cost dollars stream just before spectrum charges, which underpins its dividend, expressing it would be at the very least 5 billion euros.

Vodafone Main Executive Nick Examine slice the company’s dividend a yr in the past, relieving quick stress on the group’s equilibrium sheet. It preserved its full-yr payout at 9.00 euro cents a share.

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