Vodafone cuts revenue outlook

Mobile phone group Vodafone cut its revenue outlook, as tougher economic conditions forced consumers to hold back from buying and using new handsets, especially in Spain, knocking its shares to a 20-month low. The move sent shares in the world's...

Mobile phone group Vodafone cut its revenue outlook, as tougher economic conditions forced consumers to hold back from buying and using new handsets, especially in Spain, knocking its shares to a 20-month low.

The move sent shares in the world's largest mobile phone company by revenue down almost 13 per cent yesterday, cast a shadow over outgoing chief executive officer Arun Sarin's last set of results and hit the European telecoms sector.

"This shatters the widespread perception that Vodafone will be defensive in a weakening economy," Investec analyst Jonathan Groocock said. "This is going to trigger a de-rating and I'm going to be moving towards more defensive stocks."

Sign up to our free newsletters

Get the best updates straight to your inbox:

You can unsubscribe at any time by clicking the link in the footer of our emails. We use Mailchimp as our marketing platform. By subscribing, you acknowledge that your information will be transferred to Mailchimp for processing.