Vodafone confirmed a drop in revenue of 7.7%, with key markets in Europe performing badly. Global revenue was £10.8bn for the three months ending 30 June 2012, but the UK, Germany, Italy and Spain all saw reported services revenues decline.
The worst culprit was Spain, showing a significant drop of 17.8% to reported service revenues of £935m. The UK fared better but still fell 1.4% during the quarter to just under £1.2bn.
Vodafone attributed the UK results to increased competition and a weaker economy, while Italy and Spain remained “challenging environments”.
The company did perform better in its emerging markets, with a 1.2% service revenue increase in India alone.