Vodafone slashes 1,200 jobs across UK and rest of Europe in major cost-cutting drive
- Vodafone Group reported increased sales and profits, with service revenues totalling 8.6 billion euro (£7.4 billion) for its first quarter, a 10% rise year-on-year, and adjusted earnings up by 6.7%.
- The telecoms giant shed 1,200 jobs across Europe and in shared operations over recent months as part of a cost-cutting drive, aiming to save approximately £700 million annually by the 2030 financial year.
- The company’s strategic transformation includes its merger with Three UK, forming the nation’s largest mobile operator, and a focus on key markets like Germany, the UK, and Africa, alongside pulling out of smaller markets.
- Vodafone now anticipates adjusted earnings for the year to be between 13 billion euros (£11.1 billion) and 13.3 billion euros (£11.4 billion), following its recent acquisition of control over Kenya-based Safaricom.
- In the UK, mobile service revenues saw a 0.7% organic decline, partly due to the phasing out of mid-contract price rises following an Ofcom crackdown, resulting in a loss of 48,000 mobile contract customers but a gain of 34,000 broadband customers.
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