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Vodafone bleeding profit, Home Depot raises forecast

Vodafone closed the first half of its tough financial year with a loss. The negative earnings were attributed to a loss on the sale of India arm, according to the British telecom giant. Sales also declined.

Over the six months to September, Vodafone wrote a loss of 7.8 billion euros, compared to a profit of 1.2 billion euros in the same period last year. In addition to the loss on Vodafone India, the telecom company also faced write-downs in Spain and Romania, among other things. Vodafone’s sales declined by 5.5 percent to 21.8 billion euros.

This decline is due to unfavorable exchange rates, according to Vodafone. On an organic basis, where exchange rates have been filtered out, revenue rose by 0.8 percent. Vodafone further announced not to increase the interim dividend. Earlier, the group promised shareholders even higher rewards, but the recently appointed CEO Nick Read wants to first reduce debts.

Home Depot has increased its forecast for revenue growth this year. This was the case for the world’s home improvement retailer in the presentation of the quarterly figures. Home Depot missed the expectations of market experts about the situation in the US market. These concerns were caused by some weaker indicators about the housing market. Nevertheless, house prices continue to rise. And Home Depot sees this as an important signal. Home Depot now sees full-year sales growth of 7.2 percent versus a previously forecasted 7 percent.

 

The profit forecast was also increased ahead of the important holiday season. Home Depot is now aiming for a profit per share of $9.75 for the whole year, where it previously predicted a $9.42 per share. In the third quarter of the quarter Home Depot’s sales amounted to 26.3 billion dollars. The profit was 2.9 billion dollars, or 2.51 dollars per share. The figures exceeded the average analysts’ expectations.

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Maria Wiggins

Written by Maria Wiggins

Maria Wiggins:- News Stories
I am Maria Wiggins and I have over 11 years experience in the Technology industry giving me a vast understanding of how news affects the financial markets. I am an active day trader spending the majority of my time analyzing earnings reports and watching commodities and derivatives. I have a Masters Degree in Economics from Westminster University with previous roles counting Investment Banking.

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