11/9/2009 11:16:00 AM
Job cuts loom at Vodafone
Vodafone employees are poised for a fresh round of job cuts, as the operator prepares to reveal its latest financial results tomorrow (10 November).
The operator’s CEO, Vittorio Colao, is preparing a fresh round of cost-cutting in a bid to offset falling revenue at the company.
Vodafone currently has a target of cutting its operating expenses by £1bn by 2010. Analysts have now estimated this may rise to £1.5bn.
Some of Vodafone’s main European businesses, such as those in the UK and Spain, are expected to report declining revenue when the company reports its results for the half year, as consumers spend less on their mobiles during the recession.
Meanwhile, city analysts forecast a 9% uplift in Vodafone's group revenues to £21.7bn over the half year.