Vodafone turnaround: $11.9 billion earnings and a return to growth in Germany, but ‘much more still needs to be done' [Fortune]
SWISSCOM AG S/ADR (SCMWY)
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Source: Fortune
Service revenue for the year in Germany was up 0.2% to €11.45 billion ($12.4 billion), the company said in a statement on Tuesday. Adjusted earnings before interest, tax, depreciation and amortization after leases fell 5.8% to €5 billion for the market, which the company attributed to energy and other inflationary costs. Vodafone's growth in Germany has been hit by an upcoming legal change that prevents housing associations from bundling TV with rental costs. The company expects to retain only half of the 8.5 million households on these types of contracts after the law goes into effect in July. “Much more still needs to be done in the year ahead,” Della Valle said in the statement, adding that the company planned to “simplify our operations throughout the group.” Vodafone is increasing its focus on the German market and exiting unprofitable ones, as part of Della Valle's turnaround strategy. The CEO said in February that the company expected an “acceleration of our underlying g
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