Vodafone (VOD) Stock Climbs on Earnings Results, Raised Guidance

Vodafone (VOD) stock is advancing in early morning trading on Tuesday, after the company reported financial results for the first half of 2015 this morning.
By Rachel Graf ,

NEW YORK (TheStreet) -- Vodafone (VOD) - Get Report stock is higher by 4.21% to $33.67 in early morning trading on Tuesday, after the company reported an increase in first-half core earnings for the first time in four years and raising its 2015 full-year earnings forecast. 

The mobile communications company reported core earnings of 5.79 billion pounds, beating analysts' estimates for 5.69 billion pounds, Reuters reports. Excluding currency changes and acquisitions, earnings increased by 1.9%, the first rise for first-half earnings in four years. 

Service revenue climbed by 1.2% in the second quarter, up from 0.8% for the 2015 first quarter. Analysts had forecast for a 0.9% rise for the second quarter, according to Reuters. 

Vodafone raised its 2015 full-year earnings guidance to a range between 11.7 billion pounds and 12 billion pounds, up from the prior range between 11.5 billion pounds and 12 billion pounds. 

"We have reached an important turning point for the Group with a return to organic growth in service revenue and EBITDA in the first half of the financial year," CEO Vittorio Colao said in a statement. "Our customers are benefiting from the significant investments we are making in high speed mobile and fixed networks, as evidenced by the huge growth in demand for data and the increased loyalty to Vodafone services."

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