Why Vodafone has reported a slump in revenues for the past three months

It told investors that total revenues declined by 4.7 per cent to 11.2 billion euros (£9.9 billion) for the third quarter of its current financial year.

However, the company hailed a "resilient" trading performance as total service revenues delivered 0.4 per cent organic growth on the back of improvements in Germany.

Nick Read, Vodafone's group chief executive, said: "I am pleased the group returned to service revenue growth in Q3 as a result of the continued commercial momentum across our business, including our largest market Germany.

"Our good trading performance underscores our confidence in the outlook for the full year.

"Our networks have successfully delivered another quarter of record data traffic as many countries continue to endure Covid-19 lockdowns and customers depend on our services."

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