NEW YORK (TheStreet) -- Vodafone (VOD) shares are up 4.7% to $34.57 in early market trading on Tuesday after the mobile communications company released a statement today saying that its position across Europe is improving.
The company reported a narrower second quarter decline in revenue which, excluding handset sales and mergers and acquisitions, fell 1.5% compared to a decline of 4.2% the previous quarter and 4.9% during the same period last year.
"With the exception of Portugal, we are improving essentially in every country. We had a period during which some competitors were putting some water between us and them. Now that seems to be stopped," said CEO Vittorio Colao.
Overall for the quarter the company reported earnings of GBP 0.03, 1 pence better than the GBP 0.02 per diluted share analysts were expecting for the period. Revenue for the quarter rose 9% over the previous year to GBP 20.8 billion, in line with analysts estimates for the quarter.
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