Vodafone Group has confirmed that 1,200 jobs have been cut across its European markets as part of its cost cutting strategy.
It comes as the telco giant reported total revenue increased by 9.7 percent to €10.3 billion ($11.74bn) during the first quarter, up until the end of June.
Despite the improved financial figures, the telco has become the latest mobile carrier to wield the axe.
Just last week, Telefónica Germany confirmed plans to cut 1,100 jobs as the company hinted at AI’s prominent role within its processes.
In the company’s earnings report, Vodafone said that the cuts were carried out during the previous quarter.
“We have made good early progress against our new medium-term efficiency and synergy targets. In the UK, we have started to see the first impact of the integration synergies and more broadly, across Europe and shared operations, our initiatives have delivered over 1,200 new role reductions in the quarter,” said the telco, which didn’t comment on the cuts during its earnings call.
The company has been busy in recent years, completing exits from Spain and Italy, while the carrier finally finalized its UK merger with Three last year.
The latter deal has seen the company consolidate its existing retail footprint as part of the merger, while pushing forward with its network integration plans. In May, Vodafone also announced it will complete a full takeover of the JV.
As part of this integration with Three, Vodafone said it aims to deliver annual cost and capital expenditure savings of £700 million ($931m) by the end of the full year 2030.
“We are well on track with our original financial guidance for the merger in this financial year, and you all know that we expect to deliver at least £700 million of cost and capex synergies per annum from the fifth year,” said Margherita Della Valle, group chief executive, Vodafone.
Vodafone posted an increase in total revenue of 22 percent. For Q1, the carrier reported total revenue of €2.36bn ($2.69bn), up from €1.93bn ($2.2bn) year-on-year (YoY).
“Our growth trajectory in the UK, combined with strong positions in growing markets across Europe, Africa and Turkey, as well as improving trends in Germany, gives me confidence that we now have the right mix of markets, capabilities and financial capacity to drive good growth over the medium term,” added Della Valle.
Germany is Vodafone’s biggest market, and continues to grow following a tough few years in the market.
During the first quarter, Vodafone posted total revenue of €3.046bn ($3.47bn) in Germany, up 2.2 percent YoY. The carrier noted its growth was due to service revenue growth, higher equipment revenue, plus the consolidation of Skaylink’s financial results following the acquisition.
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