Vodafone revenues hit by Europe weakness

European Flag

Vodafone, one of the world's biggest telecoms companies, suffered a 4.8 percent hit to organic service revenue after poorer European performance.

The company, which recently sold its stake in Verizon Wireless to Verizon Communications, has become the focus of concerns about the slowdown in emerging markets recently, because of its exposure to countries in Africa and Asia.

Yet in the last three months of 2013, it looked as though Europe was the problem.

At the end of January, Vodafone said it was looking to cut around 600 jobs in Germany, roughly 5.7 percent of its workforce there, to combat competition and lower revenues.

There were also reports from Bloomberg that Vodafone was in talks to take over Spain's main cable operator Grupo Corporativo ONO. The same week, AT&T ruled out its own bid for Vodafone.

Vodafone sold its 45 percent stake in Verizon Wireless to US telecoms group Verizon Communications in one of the biggest deals in corporate history last September.

Follow us on Twitter: @CNBCWorld

JefferiesAnd the Best Place to Work in the global financial markets 2016 is...

Register for Financial Markets News Alerts