In this note we look at the recent revenue growth performance of European mobile operators. We show that the current pessimism about future performance looks broadly justified. We comment on the increasing evidence, at least in the UK, that mobile penetration has stalled and that minutes of use are growing only slowly. We admit that our previous view that mobile usage would drift upwards even with stable call charges looks difficult to justify at the moment. Instead, many marginal users, such as older age groups and the less well-off, appear to be reducing their usage of mobile phones, possibly in reaction to perceived high prices.