British mobile phone operator Vodafone Group reported a revenue in the first fiscal quarter ending June 30. Revenue in the period under review increased by 6.2% and was at 10.2 billion pounds ($17.3 billion). Analysts had expected the index value at 10.3 billion pounds.
Vodafone Group's quarterly revenue was worse than analysts' expectations
At the same time, revenues, excluding sales of handsets and mergers and acquisitions fell by 4.2% compared with a fall of 4% in the fourth quarter and 3.5% in the same period last year.
The European Commission has authorized the purchase of ONO SA Spanish operator by Vodafone Group. According to the EC, the transaction will not harm the competitive environment for telecommunications in Spain. Vodafone is engaged in mobile communications but business of ONO concentrated in the segment of fixed telephony. The transaction is valued at $7.2 billion and is a confirmation of growing tendency on enlargement and consolidation of a fragmented European telecom market.
With the purchase of ONO, Vodafone will offer its users a comprehensive services in Spain and strengthen its position in the fight against Telefonica, besides providing mobile access to the Internet and pay TV. "Ono has the most modern network in Spain, serving about 7.2 million homes in 13 of the 17 regions, which accounts for 1.9 million customers", – Vodafone statement informed.
Last year, Vodafone bought Kabel Deutschland Holding AG cable operator for 10 billion euros including debt, as a result of which it became a provider of integrated services. Vodafone Group plc – is a British company, the largest in the world cellular operator by revenue. Headquarters is situated in Newbury, Berkshire.