Vodafone’s Q3 torpedoed by European weakness

Vodafone’s third-quarter service revenues fell 2.6 per cent, hit by poor results from across northern Europe and a slowdown in previously robust emerging markets. The company also warned there were no indications of any upswing in recession-hit European markets after it posted the first decline in underlying group revenues in three years.

Vodafone CEO Vittorio Colao told the Financial Times that growth in its emerging market operations in India and Turkey had been more than offset by the impact of macroeconomic, regulatory and competitive pressures in Europe. “We do not see a dramatic change in Europe in the coming quarters so expect [further] headwinds,” he said. Despite gloomy Q3 numbers, which were below analysts’ expectations, Vodafone's shares rose by 1.7 per cent

FierceWirelessEurope: Vodafone's Q3 torpedoed by European weakness; TelecomTV content partner.