Vodafone revenue falls amid tougher competition

February 7, 2013

Telecommunications company Vodafone says its revenue dropped 2 percent in the third quarter due to tougher competition, a weak economy, and regulatory changes at home and abroad.

The company said that revenue in the quarter ending on Dec. 31 fell to 11.4 billion pounds ($17.4 billion).

Several factors have been hurting Vodafone's earnings. In Britain and Italy, lower fees translated into a fall in revenue. In Spain, Vodafone said it lost customers after deciding to pull subsidies on its .

CEO Vittorio Colao said Thursday that, overall, the company faced "very difficult market conditions in Europe."

Vodafone did not publish a figure and a call to the company was not immediately returned.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.