But there's good news for its Irish shareholders...
Vodafone has announced full year results for 2016 this morning, which show that its global revenues fell by more than 4% to €47.6bn – mainly due to currency fluctuations and the group’s withdrawal from the Indian market.
It reported a loss for the financial year of €6.1bn, this included "a net of tax impairment of India of €3.7bn," where its operation is facing increased competition. Its Indian business is set to be spun off as a standalone company.
Earnings per share were largely flat at €14.1bn and its dividend per share is 2% higher at 14.8cents per share - which is positive news for the thousands of Irish shareholders of Vodafone, dating back to the flotation of Eircom in the late 1990s.
Vittorio Colao, Group Chief Executive, commented: "Our focus on excellence in customer experience has enabled further improvements in our overall commercial and financial performance during the year. Sustained investment in network quality has provided the platform to offer more generous plans to our mobile customers in Europe, stabilising contract ARPU, and has allowed us to capture strong data growth in our emerging markets operations.
"We continue to be Europe’s fastest growing broadband provider, seizing the opportunities created by convergence and winning revenue market share, supported also by our Enterprise business which continues to outperform its peers."