Sector analysts had been braced for a slew of bad results from European telecom companies, as regulatory changes eat into margins and consumers struggle, but they had looked to Vodafone and Telenor to shine due to their presence in the fast-growing emerging markets.
Telenor did just that earlier this week.
Vodafone posted first-quarter organic service revenue growth of 1.5 percent, down from the 2.5 percent growth recorded in the previous quarter but marginally ahead of a Reuters poll.
The overall performance was pulled lower by the 1.3 percent fall in European organic service revenue, which had accelerated from the fourth quarter, as Spain particularly dragged on its fortunes.
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