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, after Covid-19 hit roaming revenue and handset sales.

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

Vodafone said it had delivered a resilient performance in a year that had shown the value of connectivity.

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