Vodafone Shares Fall After German Business Disappoints, Adjusted Earnings Miss Expectations

Vodafone Group shares fell 3.5% after reporting a decline in service revenue in Germany, its largest market, and adjusted earnings slightly missing expectations. The company posted adjusted EBITDA of 11.35 billion euros for the year ending March 31, below the forecast of 11.48 billion euros. Group revenue increased to 40.46 billion euros, but German revenue fell to 12.13 billion euros, reflecting a competitive market and regulatory changes. Despite a 17% rise in shares year-to-date, analysts noted a lack of immediate positive surprises in the results.