In the past three months, Vodafone has lost approximately 159,000 customers, according to reports. The loss is blamed on the recession.

According to Mirror.co.uk, total revenues fell by 48 million pounds or 4.7% to 1,186 millions as firms laid off their workers and also restricted usage. Even more, private users also cut back or switched to cheaper deals, while roaming revenues fell in consequence.

Vittorio Coala said that the company has suffered an image problem as it is perceived as the network of business and more expensive than rivals. The company was also hit by a fall-out with Carphone Warehouse and loosing business as O2’s exclusive deal to sell the iPhone, writes The Mirror.

"I consider O2 our main competitor in this country," admitted Coloa. "They're the company we've got our eye on as we want to beat them." Additionally, Vodafone’s worldwide revenues fell 2.1 percent.