Vodafone Q3 revenue drops 4.8 percent; declines in Europe, gains in emerging markets
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Vodafone, one of the world's largest cellphone companies, says third-quarter revenue dropped 4.8 percent as conditions across an economically struggling Europe remained challenging.
The decline in organic service revenue — excluding currency fluctuations and mergers and acquisitions — was biggest in southern Europe. Things were brighter in emerging markets, with India posting revenue growth of 13.2 percent.
The company did not report earnings for the period.
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CEO Vittorio Colao said Thursday Vodafone will respond "through on-going improvements to our operating model and cost efficiency." He has introduced a 7 billion pound ($11.4 billion) investment program to improve service.
Vodafone agreed last year to sell its stake in a U.S. venture to Verizon for $130 billion in cash and stock — one of the biggest deals in corporate history.