Vodafone announced no major changes to its full year forecast

Vodafone, the telecommunications group, announced that 1Q revenue fell 1.4% (-2.8% organic growth) to 10.51 billion euros, where service revenue was up 1.3%

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Vodafone, the telecommunications group, announced that 1Q revenue fell 1.4% (-2.8% organic growth) to 10.51 billion euros, where service revenue was up 1.3% (-1.3% organic growth) to 9.11 billion euros. The company said: "I am also delighted to introduce Vantage Towers as Europe's leading tower infrastructure company. A year ago, I set out a three-phase plan for our towers to deliver industrial synergies from network infrastructure sharing, generate operational efficiencies by establishing a dedicated towers management team, and unlock value for our shareholders through the IPO of Vantage Towers, which is firmly on track for early 2021.". The company announced no major changes to full year estimates. 

From a technical point of view, the stock price remains stuck in a low volatile trading range between 132.4p and 120p. The bearish gap opened on the 11th of June still maintains a downward pressure. Prices remain in a down trend since November 2019 (internal channel). As long as 132.4p is resistance, the risk of a break below 120p remains high

Source: GAIN Capital, TradingView

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