Vodafone records poor Q1 results as impact of Eurozone crisis heightens

Vodafone has posted comparatively weak first quarter results, with group-wide services revenue generating £9.98 billion, a 0.6% increase from last year but down from its forecast of 0.9%.

The results were also down from the 2.3% growth the group recorded in Q4 2011.

The mobile operator performed particularly poorly in economically troubled Italy and Spain, where revenues fell by 7.7% and 10% respectively. Growth also slowed elsewhere in the Eurozone, particularly in Greece, Portugal, Romania, Czech Republic and the UK.

The company did, however, record some strong results outside of Europe, particularly in emerging markets such as India and Turkey. It also performed solidly in Germany, where it has helped roll out next-generation LTE technology and plans to do so in other European markets over the next two years.

Last week, Capacity reported that telecoms equipment vendor Alcatel-Lucent had lowered its financial outlook in response to the difficult situation in the Eurozone.