Vodafone reports earnings rise as cost cuts lead to 1,200 job losses in Europe

Vodafone Group announced higher sales and profit in the first quarter, driven by a cost‑saving programme that has trimmed about 1,200 jobs across Europe. The firm aims to cut £700 million a year from costs and capital spending by the 2030 financial year. Savings are helped by the integration of the UK merger with Three, which created the country’s largest mobile operator and enabled shared 5G networks.

Service revenue reached €8.6 billion, up 10% year‑on‑year (organic +5.2%). Adjusted earnings rose 6.7%, and Vodafone now expects full‑year adjusted earnings of €13‑13.3 billion after acquiring Kenya‑based Safaricom. In the UK, mobile service revenue fell 0.7% organically as mid‑contract price rises ended following an Ofcom crackdown; mobile contracts dropped by 48 000 while broadband customers grew by about 34 000. Analyst Mark Crouch said the results indicate the turnaround is finally materialising.