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Vodafone plans to cut its workforce by about a tenth of its workforce over the next three years as the CEO seeks to revive earnings at the telecoms group.
The group will cut about 11,000 jobs. The annual report stated that Vodafone employs about 104,000 people.
Margherita Della Valle, who became permanent chief executive last month, laid out a strategy for the group on Tuesday, outlining key ways in which Vodafone “must change”.
Vodafone reported a 0.3 percent rise in full-year revenue to 45.7 billion euros, below analyst estimates.
Adjusted EBITDA after leases fell 1.3 percent to 14.7 billion euros, below the company’s guidance.
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