Portuguese 
Spanish 
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.
-
Brazilian Startup Turns Coffee Grounds into Plant-Based Leather, Cutting Water Use by Over 50 Times for High-Impact Sustainable Fashion
-
Eco Invest Auction Aims to Unlock $10 Billion in Investments, Focusing on Green Fertilizers, Critical Minerals, Batteries, and AI for Clean Industry in Brazil
-
Half of Brazilians Prefer Lower Taxes with Private Health and Education, While 44% Opt for Higher Taxes for State-Provided Services, Datafolha Survey Reveals
-
Brazil’s Most Expensive Toll Rises to R$ 40.60 on Route from São Paulo to the Coast, Nearly Matching Bus Fare to Santos
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.
