Vodafone to Slash CostsVodafone to Slash Costs
Cuts expected as economic slowdown bites
November 10, 2008
9:00 AM -- All eyes are on Vodafone Group plc (NYSE: VOD) as the world's largest mobile operator by revenue is expected to introduce new cost reductions tomorrow when it reports its half-year interim results.
Analysts expect CEO Vittorio Colao to explain to what extent the consumer spending slowdown in Europe affects Vodafone and introduce a plan to cut up to £1 billion in costs, which could involve about 20 percent of its European workforce.
Vodafone's share price tumbled in July after it announced that the economic slowdown would dampen full-year 2008 revenues. (See Vodafone Wobbles on Outlook.)
— Michelle Donegan, European Editor, Unstrung
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