Over the course of May, Vodafone (LSE:VOD) was one of the worst performers in the FTSE 100. Vodafone shares dropped by over 18% in a single month, taking the one-year fall to 39%. It’s no coincidence that the release of its fiscal 2023 results was in the middle of May, impacting the stock. Here’s what investors need to know, and what could happen next. The main reason why the stock fell heavily was due to the underwhelming fiscal 2023 numbers. In fact, the CEO commented in just the second sentence that “our performance has not been good enough.” Group revenue was broadly unchanged from the prior year, with no growth to the top line. There was a 145% jump in operating profit versus last year. However, this has to be taken with a pinch of salt, as a large part of it was the gain on disposing of the Vantage Towers business. When we boil it down to the adjusted EBITDAaL (the aL add-on means after leases), earnings fell by 1.3% versus the previous year. What were the problems? The company referred to the “worsening global macroeconomic climate, with higher energy costs and broader inflation”. It also referenced underperformance in...