Vodacom Quarterly Revenue Rises 3% as Smartphone Users Gain
Vodacom Group Ltd. (VOD), South Africa’s largest wireless operator, said revenue rose 3 percent in the second quarter to 17.5 billion rand ($1.77 billion) as more customers switched to smartphones.
Vodacom, which is 65 percent-owned by Vodafone Group Plc (VOD), boosted subscriber numbers by 5.3 percent in the three months through June to 51.5 million as international operations continued to expand, the company said in a statement today.
“Data and the International operations remain key parts of the growth story,” Chief Executive Officer Shameel Joosub said in the statement.
Vodacom is becoming increasingly important for its Newbury, England-based parent as Vodafone seeks ways to offset a slide in its European businesses.
Vodacom shares rose 1.4 percent to 115.08 rand as of 12:53 p.m. in Johannesburg trading. The stock has declined 7.2 percent this year, compared with a 3.6 percent gain by MTN Ltd. (MTN), South Africa’s second-biggest operator.