Why Shares of Vodafone Group Are Surging Today
Shares of Vodafone Group (NASDAQ: VOD) jumped on Friday after the company reported results for the first quarter. Along with the quarterly report, the company finalized a network sharing partnership with Telecom Italia and announced a plan to separate its European tower infrastructure into a new organization. The stock was up 9.9% at 11:50 a.m. EDT.
Vodafone reported first-quarter revenue of 10.7 billion euros, down from 10.9 billion euros in the prior-year period. The decline was mostly due to a negative impact of 0.2 billion euros from currency exchange rate changes. Organic service revenue was down 0.2%.
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