LONDON (AP) - Vodafone, one of the world's largest cellphone companies, is ramping up its investment in an attempt to bolster its competiveness amid the move to 4G technology.
The British company said Tuesday it is investing 7 billion pounds ($11.2 billion) over two years. Vodafone should be awash with cash after agreeing to sell its 45 percent stake in U.S. mobile operator Verizon Communications Inc. to Verizon for $130 billion in cash.
The investment plan came as the company reported a profit attributable to shareholders of 17.95 billion pounds in the half year to end-September, in contrast to a loss of 1.98 billion during the same period last year.
Chief executive Vittorio Colao said trading conditions in Europe remain tough but that the company is encouraged by the economic outlook.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)