Vodafone sheds 1,200 jobs in Europe as part of cost cutting drive
Article excerpt
Highlighted: the sentence this signal was extracted from
Vodafone Group axed 1,200 jobs across Europe in the three months to the end of June in a bid to cut costs. The mobile and broadband company said the job cuts formed part of its plan to simplify its operations and meet new 'medium-term efficiency and synergy targets'. As a result of the job cuts, Vodafone said it would see a 'material' reduction of its operating costs across Europe by the end of the fiscal year. The telecoms giant wants to cut £700million a year from its total costs and capital spending by the 2030 financial year. In an update today, Vodafone said the number of UK customers with mobile contracts fell by 48,000 during the three months to June, including business sim cards. However, it also gained around 34,000 broadband customers. Jobs: Vodafone Group axed 1,200 jobs across Europe in the three months to the end of June Vodafone merged with Three in the UK last year, forming the nation's largest mobile operator. The group has been working to integrate the two brands, including sharing 5G networks. Vodafone said it expected to reach the upper end of annual earnings guidance after making a strong start to its financial year. Reported service revenue jumped 9.8 per cent to €8.6billion (£7.4billion) in its first quarter, while total revenue rose by 9.7 per cent to €10.3billion, helped by the merger of its UK business with Three. Underlying profits increased by 6.7...
Keep reading with a free account
The rest of this article, and every signal for Vodafone, is in your free account.
