Stock Track | Vodafone Slides on German TV Market Setback, Competitiveness Concerns

Stock Track11-12

Shares of Vodafone Group PLC plunged over 5% in pre-market trading on Monday, November 12, 2024, as the British telecommunications giant grappled with a regulatory setback in its key German market and mounting concerns about its competitiveness in the face of fierce rivalry.

Vodafone reported a 1.6% increase in total revenue for the first half of its fiscal year, driven by organic service revenue growth. However, this was partially offset by adverse foreign exchange movements, highlighting the challenges posed by a volatile global economic environment.

The company's performance in Germany, its biggest market, was particularly disappointing. A change in the law that prohibited the bulk selling of TV services to apartment blocks dealt a significant blow to Vodafone's operations in the country. Service revenue in Germany fell by a staggering 6.2% in the second quarter, following a 1.5% decline in the previous quarter.

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