Vodafone lifts earnings outlook after 3,000 job cuts

Vodafone raised its annual earnings forecast on November 10, 2026, after cutting 3,000 roles across its UK and European operations in the first half of the year. The company also announced plans to cut a further 2,300 jobs in Germany over two years, as it seeks to improve performance in that market.

The revised forecast puts underlying earnings for the financial year at €13.2 billion to €13.4 billion, up from the previous range of €13 billion to €13.3 billion. Vodafone said the first-half reductions helped deliver €200 million in European cost savings, including €50 million in the UK.

The company has not disclosed how many of the 3,000 roles cut were in the UK. The reductions also affected shared-services operations, which provide support from centres in India and eastern Europe, but Vodafone did not give a separate count for those operations.

The planned German cuts are part of a broader programme targeting more than €2 billion in annual cost reductions across European operations and shared services by 2030. Vodafone said the additional reductions are intended to improve its performance in Germany, where earnings fell 2.4% in the first half, according to the company’s results.