Vodafone Group (VOD) is the world’s leading mobile communications provider operating mainly in Europe, Africa, Middle East, Asia Pacific and USA. VOD offers mobile voice, messaging, data and fixed broadband services. Markets like Italy and Spain which account for 23% of revenues are declining due to the economic situation and the existing high penetration, creating a drag on growth. India and the southern African region had the greatest revenue growth at 24 and 23% respectively in 2011. VOD’s strategy going forward is to exploit opportunities in smartphone led mobile data growth, increase penetration in the faster growing emerging markets, and use scale to enhance efficiency. The 2010 sale of the GBP 4.3bn China Mobile stake was a turning point towards a more disciplined investment growth strategy. The US non-controlled Verizon Wireless which has reduced debt and grown cashflow will finally be paying long awaited dividends to Vodafone. Price competition and regulation remain the greatest risks to VOD.