If one thing has become evident when it comes to Vodafone, it is that investors need to view earnings guidance with a heavy dose of scepticism. A slide in the rate of services revenue growth to 1.8 per cent over the third quarter, behind a consensus forecast of 2 per cent, is the latest in a lengthy history of disappointments. Strip out the hyperinflationary Turkish business and service revenue growth edged up just 0.5 per cent in the quarter.
Margherita Della Valle, interim chief executive, has stuck with guidance that was lowered by former boss Nick Read before he took off just before Christmas. This latest slip gives reason for caution. Organic service revenue declined in three of its four key European markets, which include
