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Vodafone Axed Another 3,000 Jobs Amid Cost-Cutting Overhaul
Vodafone lifted its earnings forecast to €13.2 billion to €13.4 billion as it cut 3,000 roles and announced 2,300 more reductions in Germany.
- On Monday, Vodafone raised its annual earnings forecast to between €13.2 billion and €13.4 billion, implying organic growth of about 6% to 8% amid aggressive cost-cutting.
- Vodafone announced 2,300 additional job cuts in Germany as part of its strategy to reduce annual costs by more than €2 billion by 2030 and improve performance in the struggling market.
- Despite the improved outlook, the company reported a statutory pre-tax loss of €373 million for the six months to September 30, driven by a €4.85 billion writedown in Germany.
- Group Chief Executive Margherita Della Valle acknowledged German operations are "not yet where it needs to be," with action plans underway to simplify operations and improve customer satisfaction.
- Since taking the top job in 2023, Della Valle has led a cost-cutting drive that has axed 11,000 roles and reduced annual costs by €700 million to boost profitability.
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Vodafone cuts thousands of jobs as German crisis drives €4.85bn writedown - London Business News
Vodafone is accelerating a sweeping cost-cutting programme, with thousands more jobs at risk as the telecoms group battles to revive its struggling German business after a multibillion-euro writedown. The company… The post Vodafone cuts thousands of jobs as German crisis drives €4.85bn writedown appeared first on London Business News
Coverage Details
Total News Sources26
Leaning Left2Leaning Right2Center20Last UpdatedBias Distribution84% Center
Bias Distribution
- 84% of the sources are Center
84% Center
C 84%
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