UK mobile operator Vodafone saw its shares fall to a four-year low after poor results from its US joint venture, Verizon Wireless. The company added just 186,000 net customers in Q1, compared with estimates of 300,000.
Although Verizon Wireless’ retail subscribers were up by 1000, the number of reseller customers fell by 266,000. The company’s other parent, Verizon Communications, has cut its 2002 outlook partly as a result of the wireless group’s problems.
Things could get even worse for Vodafone. Following profit warnings from Nokia and Ericsson last week, the company is set to make its own Q1 announcements on Thursday. These will have to be sparkling for Vodafone to regain investor confidence