Vodafone cuts 11,000 jobs over the next three years: business needs to be simplified – Corriere.it

Vodafone has announced the cut of 11,000 jobs across the multinational group over the next three years. The company must change to address its poor performanceexplained Margherita Della Valle, recently appointed chief executive, adding that the job reduction is part of a business simplification plan.

Eliminate complexities

This decision will primarily impact Vodafone’s headquarters, which is located in Berkshire, UK, and subsequently markets around the world. Our performance was not good enough. To deliver consistent results, Vodafone needs to change, Della Valle said. We will simplify our organization, eliminating the complexity to recover our competitiveness. We will reallocate resources to deliver the quality service our customers have come to expect, he added. The previous head of the group, Nick Read, was fired in December 2022 due to concerns about the company’s performance. The former CEO had finally unveiled plans to achieve around £1bn in cost savings, saying it could lead to job losses, but the number was never given.

Accounts closed in March

The news comes after Vodafone reported a 1.3% drop in full-year (ended March) earnings to £14.7bn, below expectations, and expected little or no growth none of the earnings for the current financial year. Revenues increased 0.3% to $45.7 billion driven by growth in Africa and higher equipment sales and offset by lower revenues from services in Europe and an unfavorable trend of foreign exchange. Vodafone reported adjusted earnings per share of 11.45 cents for the year ended March 31, down from 11.68 cents a year earlier, and announced a final dividend per share of 4.5 cents, for a total of 9 cents, unchanged from the previous year.