Vodafone beats forecasts as growth returns

Vodafone reported better-than-expected earnings Friday (July 23), with first-quarter service revenue rising 3.3% - or more than double analyst forecasts.

The rise includes a one-off gain of around 1 percentage point following disruption from the global health crisis last year.

Chief Executive Nick Read said the company was back to service revenue growth in Europe as well as Africa.

Vodafone said it maintained momentum in its biggest market, Germany, with growth accelerating to 1.4% against 1.2% in Q4.

Both Britain and Spain also returned to quarter-on-quarter growth as restrictions eased.

Vodafone said it was on track to deliver its full-year earnings targets.

Shares in the firm rose around 2% in early trades Friday.