Vodafone's results for the year ended 31st March 2015 showed group revenue up 10.1% to £42.2 billion, with a return to growth in Q4.
Professor Mark Skilton of Warwick Business School commented: "The results are encouraging as the mobile industry becomes ever more indispensable infrastructure for data and voice traffic services.
"All the mobile operators are reporting 'caution' as the adoption rate of 4G is still low - 14% for Vodafone - but it is a big opportunity as customers will migrate to these new standards if the network speeds and coverage are there.
"The focus on 'quad play' is common for many telecoms players as they seek to increase revenue from existing customers buying more services across multiple channels of broadband, mobile, voice, and content services.
"This is a rich area for pricing and margin improvement in a cut-throat market where operators are desperately trying to find anything that helps create a 'sticky service' to retain and increase revenue share per customer.
"The challenge for telecoms operators is running their business in a quad play market, which is highly acquisitive.
"Firms are competing mainly through acquisition in countries as well as addressing complex internal integration of services into a new bundled multi-play digital platform. This is a big growth area for telecoms operators and investors are excited by this."