Vodafone is set to cut 11,000 jobs. The move comes after the UK mobile phone giant missed forecasts for the year. Core earnings slid 1.3% to about $16 billion, with Vodafone blaming factors including higher energy costs
Sees 1.5 bln euro fall in free cash flow this yearboss Margherita Della Valle said she would cut 11,000 jobs globally over three years to help the telecoms group regain its competitive edge after it warned that a poor performance in its biggest market Germany would hit cash flow.
Della Valle was tasked with turning Vodafone around when she permanently took on the top job from the role of CFO last month. Three major shareholders could all benefit from a break up of the group. The additional cuts announced on Tuesday will be spread across its European markets, as well as more reductions in the centre, she told reporters.
The CEO put the lower forecast down to the timing of payments for cable TV in Germany due to a change in the law. Vodafone reported a 1.3% decline in group core earnings to 14.7 billion euros for the year, missing its own guidance.
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