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Telecoms heavyweight Vodafone (LON:VOD) reported a 4.9% fall in group total revenue to €10.9 billion, due to the adoption of IFRS 15 and currency headwinds.
“The group’s organic service revenue growth slowed during the first quarter, in line with expectations,” said CEO Vittorio Colao.
“The majority of our operations performed well, with ongoing momentum in Germany, further underlying recovery in the UK and continued good growth in Africa, the Middle East and Asia Pacific, all of which helped to offset increased competition in Italy and Spain.”
Vodafone shares dropped 3.14p to 174.52p (as at 11:19 BST).