Economic turmoil in the Eurozone is eating into Vodafone's revenues, with the firm announcing that reduced consumer spending is beginning to effect into its bottom line. In a trading update, the firm is reporting a 7.7% fall in revenues to GBP10.76bn (USD16.81bn) for the three months ending June 30 after poor sales in Spain, Greece, Portugal and Italy, as well as the UK. Revenues sank 17.8% year on year in Spain during the last quarter, 15.5% in Italy and 4.6% in Germany, while across the whole of Europe they were down 8.2%. Vodafone is citing "intense competition" and customers spending less on their tariffs.

The firm is reporting more positive results for its data revenues, up 17.1% to GBP1.6bn (USD2.51) in the period, boosted by growing smartphone adoption.