Shares of Vodafone Idea fell nearly 2% in early trade on Wednesday after the company reported a wider first-quarter net loss.

What Happened: While the company’s revenue edged up to ₹10,655 crore from ₹10,410 crore, losses widened to ₹7,840 crore as compared to a loss of ₹7,296 crore a year earlier.

However, Vodafone Idea‘s average revenue per user (ARPU) ticked up, reaching ₹139 for the quarter ended June, which was greater than the ₹128 posted in the same period last year and ₹135 in the preceding quarter.

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Customer base troubles: The firm’s overall customer base continued to decline, slipping to 221.4 million users from 225.9 million users in the fourth quarter. That said, the firm’s 4G subscribers inched up to 122.9 million users from 122.6 million users in the preceding quarter.

The country’s third-largest carrier is in discussions with lenders and investors to secure funding worth ₹20,000 crore, which has been in the works since 2020, CEO Akshaya Moondra said. This funding is crucial for the telco’s 5G rollout to stay competitive with market leaders Airtel and Jio.

Price Action: Vodafone Idea’s share price shed 1.86% to trade at ₹7.90 at open on Wednesday.

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