Vodafone takes 6 billion pounds writedown on Europe
November 13, 2012 6:28 PM EST
Vodafone wrote down the value of its business in Spain and Italy by 5.9 billion pounds and lowered its full-year outlook on Tuesday after reporting a worse than expected fall in its key organic service revenue metric.
The British company posted a 1.4 percent fall in group organic service revenue in the second quarter - its first fall in the metric since 2010 - due to the sharp slowdown in its southern European business.
Vodafone was hit by customers trying to make fewer calls in southern Europe, the weakening of currencies in its major markets and the slowdown of still-solid growth in emerging markets such as India and South Africa.
It also said it expected its free cash flow for the year to be in the lowr half of the guidance range for the full year.
(Reporting by Kate Holton; editing by Paul Sandle)
Most Popular Slideshows
- Real Life ‘Frozen’: Snow Overwhelms The US, Kills 7; More To Come (Pictures)
- Angelina Jolie, Brad Pitt in Sydney for ‘Unbroken’ Red Carpet Premiere [PHOTOS]
- ‘The Walking Dead’ Season 5, Episode 8 Spoilers: Daryl Dixon Is Set To Burn The Place Down in ‘Coda’
- G20 Summit Awkward Moments: Putin Yawns, Mystery Bubbles Appear, F18 Drama Ensues
Join the Conversation
- Walmart Early Price Matching Special Event On Nov. 21, 2014 Matches Its Competitors' Black Friday 2014 Prices And Includes Exclusive Deals For Samsung LED HDTVs And iPad Air 2 [WATCH VIDEO]
- US Plane Flying Over Russian Skies Spotted; Vladimir Putin Ready For 'Practical Cooperation' With US
- Alleged 'Microsoft Lumia 1030' Front Panel Leaked With Capacitive Buttons; 'Xbox One' Owners To Get Free Goodies On Anniversary
- Nexus 6 Release Date And Price Under AT&T, T-Mobile And Sprint Listed
- Walmart Pre-Black Friday 2014 Sale On Nov. 21, 2014 Includes Discounts On The 'NBA 2K15' For PS4 And The 'Skylanders Trap Team’ Starter Kit [WATCH VIDEO]
- Black Friday 2014 Sale: Top Deals On Game Consoles Xbox One, PS4, Nintendo Wii U And More
- Cold War 2: Russia, China And North Korea’s Blacklisted Company Fortify Alliance -- Reports