Investors are running out of patience with Vodafone. Shares in the telecoms group, a staple of many investment portfolios, dropped a further 8 per cent on Tuesday after it warned of customers in its core and more profitable German market jumping ship and lowered its earnings and free cashflow estimates for the rest of its fiscal year.
The company chose the word “resilient” to describe its trading performance in the six months to the end of September, believing that revenue growth of 2 per cent and a 2.6 per cent dip in adjusted earnings were reasonable, given the challenging economic environment. Investors, many of whom tired of years of underperformance, excuses and questionable strategies, clearly feel otherwise and aren’t convinced that a grand
