Vodafone shares sink after revenues slump

Covid lockdowns prove bad news for phone firm as less-mobile people translate into lower roaming charges

Vodafone was the biggest faller on the FTSE 100 on Tuesday as investors reacted to lower than expected profits, a decline inrevenues due to the impact of pandemic travel bans and a drop in smartphone sales.

While Vodafone swung back to the black last year, reporting profits of 536m (461m) compared with a loss of 455m in 2019, the result was at the lowest end of the company's guidance and disappointed City expectations. Shares fell 9% to 129p.