Vodafone misses market expectations with 1.2% drop in earnings

Mobile operator Vodafone reported a 1.2% drop in full-year adjusted earnings, coming in at the bottom of its guidance and missing market expectations, but forecast growth this year.

The company posted adjusted EBITDA (earnings before tax, interest, depreciation and amortization) of 14.4 billion euros on revenue of 43.8 billion euros, down 2.6%, for the year.

Chief Executive Nick Read said Vodafone exited the year with accelerating service revenue growth across its business, with a particularly good performance in its largest market, Germany.

“The increased demand for our services supports our ambition to grow revenues and cash flow over the medium-term,” he said.