Proactive Investors - Virgin Media O2, the mobile and broadband provider jointly owned by Liberty Global (NASDAQ:LBTYA) and Telefónica, saw more than 118,000 mobile contract customers leave its network in the second quarter of 2024.
Attributing the exodus to “wider market trends”, VMO2 said it ended the second quarter with 15.9 million mobile contract customers.
However, a growing customer base across the prepaid, Internet-of-Things and wholesale markets meant VMO2 saw total mobile connections increase by 403,100 to 45.5 million in the period.
In the broadband space, VMO2 celebrated a new milestone in its full-fibre rollout, which now has a footprint of five million premises after adding a further 295,300 homes in the quarter.
Group-wide revenues fell 1.4% to £2.7 billion in the quarter. As such, VMO2 has lowered its full-year guidance from “stable to declining” to a “low to mid-single-digit decline”.