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European shares dip at open; Norsk sags

Tuesday, 12 Nov 2013 | 3:19 AM ET

PARIS, Nov 12 (Reuters) - European shares fell in early trade on Tuesday, reversing the previous day's gains, with Vodafone slipping after reporting a record fall in quarterly organic service revenue.

Shares in the world's second-biggest mobile operator lost 0.6 percent after it reported a 4.9 percent drop in quarterly organic service revenue, hit by very weak trading in Europe.

At 0811 GMT, the FTSEurofirst 300 index of top European shares was down 0.3 percent at 1,295.31 points, after gaining 0.3 percent in the previous session.

Norwegian aluminium producer Norsk Hydro featured among the top losers, down 5.9 percent after Brazilian miner Vale sold most of its stake in the group.

German chip maker Infineon also lost ground, falling 4 percent after flagging a revenue drop at all of its units for the current fiscal quarter.

Europe's earnings season has been disappointing so far. About 80 percent of STOXX Europe 600 companies have reported results, and half of them have missed profit forecasts while nearly two thirds have missed revenue forecasts, according to data from Thomson Reuters StarMine.