NEWS | Wednesday, 23 July 2008

Vodafone Group loses 21 per cent

Vodafone Group yesterday said its financial results are expected to fall, as it is “hardly immune” to the current economic crisis hitting the European market.
The group’s CEO Arun Sarin explained that business declined mainly in Britain and throughout the whole of Europe while revenue growth in Spain has stalled after a string of 10 per cent yearly increase.
But Sarin also reassured that although the business is passing through a hard time, “it is not falling apart.”
Shares of Vodafone fell nearly 15 per cent in London afternoon trading, giving them a loss of nearly 21 per cent over the last 12 months.