Vodafone’s most recent set of financial results highlighted the problem facing European mobile operators. Its Europe operations did deliver slight revenue growth in fiscal Q416, but this was the first time for a full 22 quarters, and nearly all the sales growth and profit was coming from the emerging markets like India, where revenues were up 10% and EBITDA margin was almost 30%. These are results which operators can no longer dream of in Europe, where they are relying on consolidation and quad play services to increase market share and revenue. But even that strategy is being threatened by disruption from cable and WiFi players, MVNOs and over-the-top providers. No wonder, then, that Vodafone’s M&A teams are looking eastwards. Vodafone…