Vodafone Spain: Massive job cuts
November 14, 2023
From David Del Valle in Madrid
Following the UK fund Zegona’s takeover of Vodafone Spain, trade unions fear a massive wave of job cuts affecting up to half of its 4,000 workers.
Zegona is looking to mimic MásMóvil which, with just 2,000 workers, is producing firm results – and also the example of Euskaltel.
Vodafone’s financial results show that revenues fell by 1.8 per cent in the last quarter, with personnel costs standing at 7.1 per cent of its revenues.
Vodafone Spain will also see the closure of most of its shops to reduce the cost of capturing new customers. Additionally, the company will renegotiate contracts with TV content providers and networks contracts with other operators. The company plans to use its low-cost brand Lowi to extend its pay TV subscription basis and reduce the cost of TV content per customer.
Finally, the company will cut technological costs which currently stand at €102 million a year.
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