Tech News Desk – Making a big announcement, Vodafone, one of the world’s largest telecom companies, has said to lay off 11,000 employees. The company’s CEO Margherita Della Valle said that the company needed major changes. This announcement has been made by the company after the first quarter figures. The CEO said that the company’s performance has been very poor. In such a situation, the need for a lot of change is being felt in the company. At present it has 1,04,000 employees all over the world. The company plans to complete the process of employees in 3 years.
Decision taken due to low income
This decision of Vodafone has come at a time when the company’s earnings remain at 1.3 percent ie 14.7 billion euros. Which is basically less than 15-15.5 billion. The company said the decline in earnings was due to higher energy costs and commercial underperformance in Germany. The company said that revenue is expected to fall further next year, to 13.3 billion euros.
Will there be an impact in India too?
Vodafone is working closely with Idea in India. Here also the company is running at a loss. Although Birla Group has assured to strengthen this joint venture again, but the path of Vodafone Idea under the burden of debt is not easy. The effect of the decision taken by Vodafone can be seen in India as well and layoffs can also be seen here. Any decision can be taken on this only after the consent of the Birla Group.
company share flat
Vodafone has announced major layoffs. By the way, the stock of the company looks flat. The stock of the UK-based company closed at 90.16 GBX on May 15. GBX is one hundredth of a pound. At the same time, Vodafone Idea’s stock in India is seeing a gain of more than one and a half percent and the company’s stock is trading at Rs 7.21.