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Vodafone Cost Cuts and Profit Plunge

The recession is hitting Vodafone to the tune of nearly £6 billion of writedowns leading to their full year profits being halved, so Vodafone plans on fresh cost cuts, according to a report by the times online.

Vodafone UK has already cut nearly 500 jobs while its Spanish arm took a hit of some £3.4 billion and their Turkey arm was hit for £500 million, and service revenue across European markets dropped some 1.7 percent.

However, Vodafone UK has sated that further job losses are “not on the horizon” and is looking to cut costs in areas like distribution and IT with a cost cutting target of £1 billion in mind.