Vodafone plans to cut 11,000 jobs

Vodafone plans to cut 11,000 jobs as new chief executive Margherita Della Valle seeks to revive profit growth at the telecoms group.

Della Valle, who was made permanent chief executive last month, on Tuesday set out a strategy for the group, outlining the ways “Vodafone must transform”.

The cuts are part of a plan to turn around its performance, which has been rattled by a decline in Germany, the company’s biggest market. The group said the cuts would come across both Vodafone’s headquarters and local markets.

According to Vodafone’s latest annual report, Vodafone employs approximately 104,000 people.

The layoffs came as Vodafone reported that full-year revenue rose 0.3 per cent to €45.7bn, beating analysts’ estimates. Adjusted earnings before interest, tax, depreciation and amortization fell 1.3 per cent to €14.7bn, below the company’s guidance.