Vodafone’s European organic service revenue growth dropped again in the September quarter, to -1.3%, and we estimate that it continues to underperform its competitors’ growth by two percentage points, thus losing market share. Margins also fell, as the company’s cost reduction measures continue to fail to stop costs rising

O2 this week announced changes to its contract tariffs; however, these will have limited impact for most of their subscribers, and the reductions to their data pricing only bring them into line with changes the other operators have already made