BUSINESS

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BUSINESS

Vodafone plans to cut 11,000 jobs

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Job cuts

Vodafone plans to cut 11,000 jobs over the next three years. The company has a total workforce of around 100,000 employees.

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Simpler and better

The layoffs are part of an effort to make the company "simpler." It was announced by the new CEO Margherita Della Valle.

3

Earnings report

Vodafone saw a negligible increase in its revenue in FY23. The group's core earnings, however, fell due to higher costs and underperformance in Germany.

4

Forecast

The company issued poor guidance for the next financial year. It is expected to see a €1.5 billion decline in free cash flow in FY24.

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Improvement

Vodafone plans to allocate resources to improve customer experience. It also aims to turn around business in Germany and conduct a strategic review of Spain.