- Vodafone Group Plc (NASDAQ:VOD) stock dropped on Tuesday after sharing dismal preliminary FY23 results.
- Vodafone reported revenue growth of 0.3% YoY to $49.05 billion, missing the consensus of $49.73 billion, driven by growth in Africa and higher equipment sales, offset by lower European service revenue.
- The telecom firm posted an adjusted EPS of $0.12, missing the consensus of $1.15.
- The Group service revenue grew by 2.2% Y/Y to $40.75 billion.
- Operating profit expanded by 145.9% Y/Y to $15.34 billion, mainly reflecting a gain on the disposal of Vantage Towers.
- Adjusted EBITDAaL declined by 1.3% to $15.74 billion due to higher energy costs and commercial underperformance in Germany.
- Vodafone generated $5.2 billion in free cash flow.
- Vodafone shared plans to slash 11,000 roles over three years, work to turn around its German business and initiate a “strategic review” of its Spanish unit.
- In April, Vodafone disclosed Margherita Della Valle as the company’s CEO.
- Valle will also continue as the CFO pending the completion of the external search for a new finance chief.
- Outlook: Vodafone slashed its FY24 revenue outlook to $16.099 billion – $16.313 billion, down from $16.099 billion – $16.635 billion.
- Price Action: VOD shares traded lower by 5.53% at $10.60 in the premarket on the last check Tuesday.
- Photo via Wikimedia Commons
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