Vodafone Plans To Cut 11,000 Jobs In Three Years To Reduce Costs And Regain Competitive Position

Written by Bruno Teles

Published on 16/05/2023 at 18:22

FOTO: Vodafone

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The New CEO of Vodafone, Margherita Della Valle, Announced That the Company Plans to Cut 11 Thousand Jobs Over a Three-Year Period in an Attempt to Reduce Costs and Regain Its Competitive Position in the Market.

The telecommunications company had previously warned that the underperformance of its largest customer base, Germany, would affect its cash flow.

Vodafone’s shares, which have underperformed against its competitors in many of its key European markets, fell to a low since the beginning of the year and were traded down 5.5% on Tuesday.

The Mass Layoffs That Vodafone Plans Are the Largest in Its History.

The company directly employs 90,000 people in Europe and Africa. Della Valle has already begun to streamline the company’s operations in London since taking over as CEO earlier this year. Now, the new cuts will be distributed across all markets where Vodafone operates, and more jobs will be reduced in the center.

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The forecast of a cash flow of €3.3 billion in this fiscal year, down from €4.8 billion the previous year until March 2023, disappointed analysts and may have contributed to the drop in the company’s stock price.

Vodafone Reported a 1.3% Decline in Group Earnings, Reaching €14.7 Billion for the Year, in a Scenario Where the Company Itself Had Projected Growth.

Etisalat, a telecommunications company from the United Arab Emirates, acquired a 14.6% stake in Vodafone, while French telecommunications billionaire Xavier Niel, a competitor of Vodafone in Italy, and Liberty Global, a partner of the company in the Netherlands, are also investors.

Analysts argue that with the sale of Vodafone’s operations, all three investors have a chance to profit.

In her strategy, Della Valle stated that she will maximize the potential of business customers, a historical strength of Vodafone, while focusing on basic aspects such as improving customer service for consumers. Vodafone had already started cutting jobs in key markets by eliminating a thousand positions in Italy and is expected to cut around 1,300 jobs in Germany, according to media reports.

Vodafone Plans To Cut 11,000 Jobs In Three Years To Reduce Costs And Regain Competitive Position

The New CEO of Vodafone, Margherita Della Valle, Announced That the Company Plans to Cut 11 Thousand Jobs Over a Three-Year Period in an Attempt to Reduce Costs and Regain Its Competitive Position in the Market.

The Mass Layoffs That Vodafone Plans Are the Largest in Its History.

Major Oil, Gas, and Energy Event Will Take Place in Brazil: Macaé Energy Will Gather Petrobras, Equinor, Prio, Among Other Suppliers and Energy Executives for Business, Networking, and Employment Opportunities

Vodafone Reported a 1.3% Decline in Group Earnings, Reaching €14.7 Billion for the Year, in a Scenario Where the Company Itself Had Projected Growth.

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Vodafone Plans To Cut 11,000 Jobs In Three Years To Reduce Costs And Regain Competitive Position

The New CEO of Vodafone, Margherita Della Valle, Announced That the Company Plans to Cut 11 Thousand Jobs Over a Three-Year Period in an Attempt to Reduce Costs and Regain Its Competitive Position in the Market.

The Mass Layoffs That Vodafone Plans Are the Largest in Its History.

Major Oil, Gas, and Energy Event Will Take Place in Brazil: Macaé Energy Will Gather Petrobras, Equinor, Prio, Among Other Suppliers and Energy Executives for Business, Networking, and Employment Opportunities

Vodafone Reported a 1.3% Decline in Group Earnings, Reaching €14.7 Billion for the Year, in a Scenario Where the Company Itself Had Projected Growth.

At just 14 years old, a boy creates a system without energy, using steel pipes buried in the ground, that irrigates seedlings with moisture from the air, to combat the water scarcity threatening reforestation in northern China.

Where there was only sand and wind at 40 degrees, China built a megacity of 500,000 inhabitants with farms, wineries, and universities in the middle of the desert using melted glacier water from hundreds of kilometers away.

At over 8,800 meters above sea level, the summit of Mount Everest is made up of rocks that originated at the bottom of an ocean about 500 million years ago and were pushed to the highest point on Earth by the collision of tectonic plates.

A couple builds a system to bring water from the spring to their land, climbs a hill with materials on their backs, and creates a simple, cheap, and sustainable solution to ensure their own water supply.

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With 40% of all the gold on the planet buried in a single geological basin that is 2.7 billion years old in South Africa, the Witwatersrand still hides R$ 3 trillion in unreachable reserves.

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Engineers are replacing pressure valves with hydraulic microturbines within drinking water networks and are generating up to 1,100 MWh per year with in-pipe hydropower technology that harnesses energy previously wasted in urban pipelines.

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India announces a plan of $3.06 billion to bring aviation to forgotten regions: 100 new airports, $1.07 billion in subsidies, and regional routes guaranteed for 10 years, from 2026 to 2036, away from the centers.