Vodafone lifts sales and profit as cost cuts eliminate 1,200 jobs in Europe
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Vodafone's Q1 update showed higher service revenue and improved adjusted earnings, supported by cost cuts and integration of Three UK and Safaricom. The 1,200 role reduction underscores execution on a multi-year £700m annual efficiency plan, reinforcing the credibility of the restructuring narrative. However, UK organic mobile revenue and contract customer counts declined, tempering the signal and limiting broader cross-asset implications.
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Vodafone said its first-quarter service revenue totalled 8.6 billion euro (£7.4 billion) for the three months to the end of June, up 10% from a year earlier. On an organic basis, service revenue rose 5.2%, while adjusted earnings increased 6.7% year on year. The company said it is pushing ahead with a plan to cut about £700 million a year from total costs and capital spending by the 2030 financial year. The update was described as a key operational catalyst for the stock by Mark Crouch, a market analyst at Etoro.
