Vodafone Ups Outlook, Sells Softbank Stake
LONDON (
) --
Vodafone
(VOD) - Get Report
, the world's biggest mobile-phone company, lifted its full-year profit outlook and said it would sell interests in Japan's
Softbank
for about 3.1 billion pounds ($4.99 billion).
Vodafone, which own Verizon Wireless with
Verizon Communications
(VZ) - Get Report
, raised its forecast for full-year adjusted operating profit to 11.8 billion pounds to 12.2 billion pounds. Its original guidance was 11.2 billion to 12 billion pounds.
Vodafone said Tuesday that first-half revenue rose 3.9% from a year earlier to 22.6 billion pounds. Adjusted operating profit rose 2.7% to 6.07 billion pounds. Earnings before interest, taxes, depreciation and amortization fell 1.2% to 7.36 billion pounds.
Analysts surveyed by
Bloomberg
had expected Vodafone to report EBITDA of 7.29 billion pounds.
Vodafone said it agreed to sell interests in SoftBank that were originally received from the the sale of Vodafone Japan in 2006. It will use proceeds to pay down debt.
-- Written by Joseph Woelfel
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