Vodafone shares fell to less than GBP1 after the company cut forecasts for its German and Italian business. Investors viewed an independent auditors’ report of its German and Italian units prospects as a profit warning.
Vodafone’s profits from its German D2 and Italian Omnitel units were expected to be E6.5 billion this year. Vodafone now says that figure will be just under E6 billion. The news follows a fall in its share price last week, when it reported disappointing revenue figures.
The UK mobile giant says that it achieved a 1.3 million increase in customer numbers between January and March. Its global customer base now stands at over 101.1 million.