Britain's Vodafone plans to spend 7 billion pounds on its networks following the sale of its U.S. business, ramping up investment after it posted a record fall in quarterly organic service revenue. The world's second-largest mobile operator, which agreed a deal in September to sell its U.S. arm to Verizon Communications for $130 billion, said it would spend 7 billion pounds ($11.18 billion) by March 2016 to improve its networks in a bid to set it apart from rivals.The group announced the details of its "Project Spring" spending programme as it reported first half results showing the pressures across the group.Organic service revenue - its key ongoing revenue measurement which strips out the impact of one-off costs such as handset sales - was down 4.9 percent in the second quarter due to very weak trading in Europe.That was worse than the 3.5 percent fall recorded in the first quarter and well below the last record fall of 4.2 percent in the fourth quarter.
Verizon Communications Inc. (Verizon) is a holding company. Shares of VZ fell by 0.48% or $-0.24/share to $49.96. In the past year, the shares have traded as low as $40.51 and as high as $54.31. On average, 14436900 shares of VZ exchange hands on a given day and today's volume is recorded at 5166944.
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