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According to MarketWatch.com, the world's largest mobile phone retailer blamed the weakening outlook on the widespread financial negativity of late and lower-than-expected sales of equipment.
Chief executive Arun Sarin commented: "It was clearly a more challenging quarter … Economies around the world are slowing and call rates are declining."
After Mr Sarin steps down later this month, the company is expected to concentrate on cutting costs and has not changed its guidance for yearly operating profits.
Despite the gloomy tone of the news, the company still saw its revenue grow by 19.1 per cent.
Motley Fool reports that Vodafone has successfully tapped into the "mobile revolution" in India with a commanding 23 per cent market share in the country.
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