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Europe's Phone Carriers Slump as Investors See No Relief

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Europe’s phone companies are in a rut and investors are taking note.

Gloomy prospects are dragging down carrier stocks, making the sector the worst-performing in the Stoxx Europe 600 Index over the past two years. Carriers including Vodafone Group Plc, Telecom Italia SpA and Telefonica SA have struggled to turn demand for mobile broadband and faster, fiber-fueled, internet services into revenue growth because of intense competition in many local markets, which often have three or even four rivaling phone companies.