Poor start to the year
2015/16 seems not to have been glorious for Vodafone, which started the year with disappointing and unpredictable results. Indeed, Vodafone's Q1 2015/16 revenues decreased by 8% to QAR538M, missing our estimates (vs. +17.3% expected for the whole year) on the back of extremely competitive pressure on prices, despite the continued Mobile customer growth (+4.8%, yoy, to 1.420 million). Indeed, the Mobile customer base increased in, both, prepaid and postpaid segments, by respectively 1.7% and 36.8%, yoy.
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