German TV customer losses hit Vodafone [Yahoo! Finance]
SWISSCOM AG S/ADR (SCMWY)
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Source: Yahoo! Finance
on TV sales and competition in the enterprise sector, sending its shares down 4.5% on Tuesday. But the British company said growth in Turkey, Africa and other European markets offset the customer losses in Germany, helping revenue grow in the first half of its financial year and keeping it on track to meet its full-year forecasts. Shares in Vodafone fell to a three-month low of 69 pence in early deals. Chief Executive Margherita Della Valle said Vodafone had delivered in-line overall results, and the building blocks were in place to return Germany to growth after the TV transition. "A transformation on this scale will take time but the direction of travel is clearly the right one," she said, adding that she had installed new management in Germany. Vodafone reported first-half service revenue of 15.1 billion euros ($16.1 billion), up 4.8% on an organic basis, and a 3.8% rise in adjusted core earnings to 5.4 billion euros, meeting market forecasts. Service revenue in Germany
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