Vodafone Reports $6.9B Loss
The London-based global telecommunications vendor reported this week a loss of $6.9 billion for its fiscal year 2017, which ended in March.
The loss was driven by taxation changes and a $3.7 billion impairment inside its India business division, which Vodafone is spinning off into a joint venture. Vodafone India reported a $4.5 billion operating loss for the year due to heavy competition from India-based Reliance Jio, according to the company. To better compete against Reliance Jio, Vodafone recently disclosed its plan to merge its India-based division with fellow India-based mobile network operator Idea Cellular.