LONDON-Vodafone Group plc’s stock price took a beating Tuesday on the London Stock Exchange after the global wireless carrier offered a cautious outlook. Vodafone’s stock price slid about 4.3 percent despite plans for an $8.2 billion share buyback and a dividend increase of 100 percent to about 7 cents.
Vodafone cited its U.S. and Spanish operations for the strongest growth. However, Vodafone also noted it expects it free cash flow from Verizon Wireless, in which it holds a 44.4-percent stake, to decrease. In addition, Vodafone continues to struggle in the Japanese market, following its two rivals in market share and customer additions.
Vodafone reported total turnover of $62.1 billion for the financial year ended March 31. Its loss for the financial year was $13.7 billion after goodwill and amortization. The carrier reported annual free cash flow of $14.2 billion.
Vodafone reported a proportionate customer base of 154.8 million in 26 markets at the end of the financial year. The U.K.-based company said it had 2.4 million third-generation devices at the end of March.
