Vodaphone has written down the value of its business in Spain and Italy by almost seven and a half billion euros.
The British based company has also lowered its cash flow forecast as southern Europeans locked in recession have cut back on using their mobile phones.
Despite the figures Vodaphone remains in a better position than many of its rivals due to the company’s strength in the U.S. and business in emerging markets.
“If you stripped out the impact from the United States then these results would look pretty poor,” commented one analyst.
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