The tech layoffs haven’t ended yet: Vodafone has announced plans to slash 11,000 jobs around the globe, the biggest cuts in the company’s history.
The multinational telecommunications company says that the job cuts — which are set to take place over the next three years — are part of a turnaround plan for its flagging performance in recent years.
More than a few major tech companies have issued their own mass layoffs since the trend began in late 2022, often citing an uncertain economy. The biggest job losses have been at Microsoft, Amazon, and Facebook, but Vodafone is now joining their ranks.
Shares of Vodafone dipped in response to the news, dropping as much as 9% within the day and reaching their lowest levels since 2002.
Unlike a lot of headline-generating tech layoffs in recent months, Vodafone’s job cuts come within the context of a larger plan. New Vodafone CEO Margherita Della Valle just took the role last month, after serving as CFO for Vodafone Group. She’s tasked with reinvigorating the company, which has been losing to its rivals in major European markets, Reuters reports.
The company is underperforming in Germany, its biggest market, Della Valle explains. The company has already made some cuts in its central operations, slashing 500 positions early in the year.