Vodafone (LON: VOD), the world's second-largest mobile operator, shares surged around 8% on Tuesday after it maintained its annual dividend and slashed losses. For its financial year to the end of March, the revenue rose 3% to EUR44.97 billion from EUR43.67 billion last year.
Vodafone has seen mobile and fixed-line data consumption increase significantly as customers increasingly rely on their connection for work, entertainment and communication with friends and family during the lockdown.
“We are experiencing a direct impact on our roaming revenues from lower international travel and we also expect economic pressures to impact our customer revenues over time. However, we are also seeing significant increases in data volumes and further improvements in loyalty, as our customers place value on the quality, speed, and reliability of our networks.” The company said in a statement.
In Europe, Vodafone currently has 25 million broadband customers and 65 million mobile contracts. As Coronavirus brought the global travel and tourism industry to a near halt, the mobile operator saw a 65% to 75% decline in roaming in Europe last month.