Vodafone axing 11,000 jobs as UK wireless carrier aims to cut costs, boost growth
Wireless carrier Vodafone says it’s laying off 11,000 workers as part of a major revamp aimed at cutting costs and boosting flagging financial performance
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Wireless carrier Vodafone said Tuesday that it's laying off 11,000 workers as part of a major revamp aimed at cutting costs and boosting flagging financial performance.
Vodafone, one of the world’s biggest mobile phone companies by subscribers, made the announcement as it reported that its annual earnings dropped 1.3% and forecast little or no earnings growth over the financial year.
"The circumstances of our industry and the position of Vodafone within it require us to change,” CEO Margherita Della Valle said. “We need to take out complexity and simplify how we operate.”
Vodafone said the reductions would be carried out over the next three years, with cuts already announced in Italy, Germany and at its U.K. headquarters.
Della Valle, who took over the top job in January, aims to cut costs by 1 billion euros ($1.1 billion) by 2026.
The job losses come amid sweeping cuts in the wider technology industry amid flagging economic growth and surging inflation.
Vodafone operates in markets across Europe and Africa and employed about 100,000 people globally at the end of last year.
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.