Why Vodafone Shares Rose 11% in July
Shares of Vodafone Group (NASDAQ: VOD) gained 11% in July 2019, according to data from S&P Global Market Intelligence. The London-based telecom posted solid first-quarter results near the end of the month, paired with a couple of network-sharing partnerships and a fresh restructuring plan. Vodafone shares jumped 9.9% the next day alone.
First-quarter sales came in at 10.7 billion euros, 200 million euros below the year-ago quarter due to currency exchange headwinds. The company enjoyed significant organic growth in key markets like Turkey, Egypt, and Germany while stricter regulations led to lower sales in other major markets such as Spain and South Africa.
Vodafone closed a network sharing agreement with Spanish peer Telefonica (NYSE: TEF), expanding their existing collaboration to cover 5G system across the U.K. The company also reached a deal to share 5G equipment with Telecom Italia, creating a jointly owned tower company with 22,000 towers in the process.
Source Fool.com
