Vodafone shares drop 4% after record 11,000 jobs cut as CEO says telco 'must change'

Vodafone shares fell arsenic overmuch arsenic 4% connected Tuesday, aft the British telecommunications steadfast announced plans to slash a grounds fig of jobs and forecast level nett growth.

"Our show has not been bully enough. To consistently deliver, Vodafone indispensable change," precocious appointed CEO Margherita Della Valle said successful a candid connection connected Tuesday.

Vodafone said it would chopped 11,000 jobs implicit 3 years, retired of a full headcount of conscionable implicit 100,000. That is the largest circular of reductions made successful the company's history, Reuters reported.

"My priorities are customers, simplicity and growth. We volition simplify our organisation, cutting retired complexity to regain our competitiveness. We volition reallocate resources to present the prime work our customers expect and thrust further maturation from the unsocial presumption of Vodafone Business," Della Valle said.

Vodafone reported 45.7 cardinal euros ($49.7 billion) successful revenues for its fiscal twelvemonth ended March 31, 2023, astir unchanged versus the erstwhile year.

But it issued a pessimistic guidance for the fiscal twelvemonth ending March 2024, saying escaped currency travel would autumn to 3.3 cardinal euros, versus 4.8 cardinal euros the twelvemonth before. Free currency travel is simply a measurement of however overmuch currency a institution has near aft paying operating expenses and different expenditures.

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