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UK-based telecommunications group Vodafone Group Plc said its fiscal Q1 2024 revenue declined from the previous year’s figures. The revenue for the quarter, which ended on June 30th, was 10.74 billion euros, compared to the 11.28 billion euros that came in a year earlier. On the other hand, the group’s service revenue increased 3.7% on an organic basis YoY during the three months. Also, the service revenue grew by 1.8% from what the company recorded in fiscal Q4 2023. Apart from improving from the previous quarter, Vodafone exceeded analysts’ expectations in its fiscal Q1 2024 service revenue. The average estimate from analysts in a Bloomberg survey was 2.9%. However, the new CEO Margherita Della Valle is paying close attention to its enterprise division and African operation, which has fueled the business.
Speaking on the fiscal Q1 2024 financial performance, the Vodafone chief executive said:
“As we progress our plans to transform Vodafone, we have achieved a better service revenue performance across almost all of our markets. We have delivered particularly strong trading in our Business segment and returned to service revenue growth in Europe. Looking ahead, we have taken the first steps of our action plan focused on customers, simplicity and growth, but we still have much more still to do.”
Moving on from the Q1 2024 result, Vodafone reiterated its guidance for fiscal 2024. The company expects adjusted earnings before interests, taxes, depreciation, and amortization (EBITDA) for the fiscal year to be around EUR 13.3 billion. It also said the expected adjusted free cash flow is EUR3.3 billion. The CEO said the team has made efforts to achieve its action plan concerning “customers, simplicity, and growth.”
As Vodafone announced its performance in fiscal Q1 2024, the company separately announced the appointment of a new Chief Financial Officer. It named Luka Mucic the new CFO and Executive Director, effective September 1st, 2023. Before now, the new chief financial officer was the Chief Operating Officer of SAP SE between 2014 and 2017. He also served as the CFO of SAP from 2014 until the end of March 2023.
Della Valle announced in March that Vodafone was dismissing 11,000 workers to maintain profits. The decision was to affect more than 10% of the company’s total headcount of 100,000. The company forecasted flat profit growth at the time, noting that the job cuts would spread across three years. When the announcement of the most significant staff reduction in the company’s history hit the news, its shares fell more than 2% as the market opened. Just as Vodafone emphasized in the fiscal Q1 2024, Della Valle said its priorities were customers, simplicity, and growth.
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Vodafone Germany, a major telecom company, announced plans to launch a series of Cardano-based non-fungible tokens on June 28.
On the company’s Discord channel, a representative stated:
“Yes, we are planning to release an NFT collection this year and want to utilise the Cardano chain for this.”
The representative said that Vodafone Germany chose the Cardano (ADA) blockchain due to its “community, sustainability, [and] cross-chain possibilities.”
The representative stated that Vodafone’s plans are still in the early stages. He said that the company has not decided what utility and benefits the tokens will carry but noted that the first 1,000 members of the Discord community will receive rewards.
He also suggested that the project is limited to Vodafone Germany at present but noted that the company is exploring ways to include international community members. The representative added that there will be no “whitelist” that restricts access.
The representative warned the public not to click on any airdrop links, which implies that any tokens that appear to be related to the project are fraudulent.
Rumors around Vodafone’s plans emerged earlier on June 27, when the company’s Twitter account linked to its Discord server in anticipation of its announcement.
Vodafone is the world’s ninth-largest telecom company. The company brought in $52.2 billion of revenue in 2020, according to its annual report from that year.
As such, the project is a notable example of adoption, and it presents an opportunity for members of the crypto industry. Patrick Tobler, founder and CEO of the NFT creation platform NMKR, commented on the news on June 28. He confirmed to CryptoSlate that his company will be directly responsible for minting NFTs in Vodafone’s collection.
CryptoSlate also contacted Cardano’s official development firm, IOHK, to determine whether it is involved in the project. IOHK did not provide a response by press time.
The post Vodafone confirms rumors of Cardano NFT plans appeared first on CryptoSlate.
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