Vodafone Adds to Network Spending as Sales Miss Estimates

Vodafone Group Plc, the second-largest wireless company, will plow billions into improving its network speed and coverage as it works to reverse service-sales declines that trailed analysts’ estimates.

Investments in “Project Spring,” the network-improvement project announced in September, will expand to 7 billion pounds ($11.2 billion) by March 2016 -- a year ahead of schedule and 1 billion pounds extra -- Vodafone said today. Service revenue, excluding currency swings and acquisitions, fell 4.9 percent in the quarter ended Sept 30, missing analysts’ estimates for a 4.6 percent decline, according to data compiled by Bloomberg.