Vodafone to slash operating costs by 1.2 billion: CEO Nick Read

Vodafone’s first quarter results were broadly in line with market sentiments.

On Tuesday, Nick Read, Vodafone’s new chief executive stated, he aims to slash the company’s operating costs by 1.2 billion euros by 2021; he also plans on reviewing Vodafone’s tower assets to drive returns after its organic revenue grew by 0.8% in the first half of 2018.

“My new strategic priorities focus on (…) radically simplifying our operating model and generating better returns from our infrastructure assets,” said Read.

In its first quarter report, Vodafone reported a group service revenue of 19.7 billion euros and an adjusted earnings of 7.08 billion euros, up by 2.9%.

Vodafone’s growth has broadly been in line with analysts’ and investor’s forecasts.

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