Mobile operator Vodafone reported a better-than-expected rise in first-quarter service revenue on Friday as more stores reopened and tourism made a tentative return following last year’s COVID-19 disruption. The company’s Chief Executive Nick Read said the firm was back to service revenue growth in Europe as well as Africa as it reported a 3.3% rise in service revenue.
“This growth was broad-based within both consumer and business segments, with the vast majority of our markets contributing,” he said.
Vodafone shares were trading 2% higher in early deals on Friday as revenue growth beat analysts’ forecasts of a 1.4% rise.
Vodafone reported strong growth in Africa, where its financial platform M-Pesa saw transaction volumes increase 45% year-on-year.