Vodafone CEO Margherita Della Valle has announced plans to cut 11,000 jobs, representing 12% of its global workforce, over the next three years to restore growth. This action follows a period of underwhelming performance and falling share price; these job cuts will impact both the local markets and Vodafone's U.K. headquarters. - The business intends to use the $312M in cost savings to boost the Vodafone brand and enhance customer service.
- Vodafone's full-year revenues for 2022 climbed only by 0.3% less than experts had anticipated, coming in at $50B.
- EBITDA, which accounts for earnings before interest, taxes, depreciation, and amortization, decreased 1.3% to $16B.
- Over the past year, Vodafone's share price has decreased by 25% while numerous foreign investors, such as e& and Liberty Global, have taken significant holdings in the business.
- On April 25, To boost Vodafone's performance, e&, a United Arab Emirates investment organization, expanded its shareholding to 14.6% and is debating the board's makeup.
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