Vodafone's new boss Margherita Della Valle said she would cut 11,000 jobs over three years to simplify the telecoms group, which she said 'must change', as it forecast a 1.5 billion euro decline in free cash flow this year.
A woman holds a phone as she passes a Vodafone store in London, Britain May 16, 2017. REUTERS/Neil Hallnew boss Margherita Della Valle said she would cut 11,000 jobs over three years to simplify the telecoms group, which she said "must change", as it forecast a 1.5 billion euro decline in free cash flow this year.
"My priorities are customers, simplicity and growth. We will simplify our organisation, cutting out complexity to regain our competitiveness."Vodafone said it would generate about 3.3 billion euros of cash this financial year, compared with 4.8 billion euros in the year to end-March it reported on Tuesday, and around 3.6 billion euros expected by analysts.
Growth in Africa and higher handset sales, however, enabled it to eek out a 0.3% rise in revenue to 45.7 billion euros.
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