Tags: Arun Sarin, Mobile Service providers, Mobile Services, Spain, Vittorio Colao, Vodafone

Vodafone massively cut its revenue outlook

Mobile service provider Vodafone has now massively cut their revenue outlook.

The company said that customers are likely to avoid going for new mobile devices due to tougher economic conditions.

The situation is especially grim in Spain and the report result in company’s stock going down to a 20 month low.

Market analyst Jonathan Groocock spoke about the new developments: “This shatters the widespread perception that Vodafone will be defensive in a weakening economy. This is going to trigger a derating and I’m going to be moving towards more defensive stocks.”

These are disappointing times for company boss Arun Sarin who is soon going to be replaced by his deputy Vittorio Colao.