Vodafone shares drop 7% after cutting a record 11,000 jobs


Vodafone announced plans to cut 11,000 jobs as part of a turnaround plan from the company’s newly-appointed CEO Margherita Della Valle.

Paul Hanna | Bloomberg | Getty Images

Vodafone shares fell more than 7% on Tuesday, after the British telecommunications firm announced plans to slash a record number of jobs and forecast a drop in free cash flow.

“Our performance has not been good enough. To consistently deliver, Vodafone must change,” recently appointed CEO Margherita Della Valle said in a candid statement on Tuesday.

Vodafone said it would cut 11,000 jobs over three years, out of a total headcount of just over 100,000. That is the largest round of reductions made in the company’s history,…

Source cnbc.com

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