Verizon Wireless’ co-parent company Vodafone Group posted a 10 percent rise in sales as strength in its Asia-Pacific and Middle East markets offset a slump in European sales.
Sales in the operator’s European region fell over 3 percent while revenue in Asia-Pacific and the Middle East rose 10 percent. Service revenue, which accounts for over 90 percent of the company’s overall sales, fell 1.2 percent. The slip was an improvement over the company’s second fiscal quarter, when service revenue fell 3 percent.
The company said it added 10.3 million net subscribers during the third quarter, bringing its proportionate mobile customer base to 333 million. The company did not report profit figures in the interim business update.
Vodafone CEO Vittorio Colao raised the company’s guidance on free cash flow due to the positive impact of its cost cutting programs and said the company was “on track to deliver on our strategic priorities in the current financial year.”
The company expects to post adjusted operating profit between $15.7 billion and $16.26 billion in its official third-quarter results.
Verizon Wireless is a joint venture of Verizon Communications and Vodafone.