Vodafone hit by European crisis, reports losses

Revenues in Italy and Spain fell due to new EU regulations


The British mobile phone company Vodafone has posted its first fall in annual revenues since 2005,  due to the economic recession in Italy and Spain, besides the increasing cuts demanded by European regulators.

Vodafone's revenues were down 4.2% to £44.4 billion , while core earnings fell 3.1%  to £13.3 billion. Operating profit decreased 57.7%, and its net debt increased by 10.4%.

According to Reuters, this is the biggest quarterly drop in service revenue since Vodafone...


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