Vodafone could be next to announce cost cutting measures

Vodafone could be next to announce cost cutting measures

Vodafone is one of the biggest mobile service providers in the world. The company however is failing to avoid becoming a victim of the current economic crisis.

The company has posted its latest revenue report and their profits are down 35%.

Vodafone also booked a hefty loss on the value of its Turkish business operations.

The company said that they are now considering plans to cut their costs by about one billion pounds starting from 2011.

market analyst Simon Denham spoke about the Vodafone revenue report: “Investors in Vodafone … will be pleased that income remains solid in a challenging market and there was no skeleton in the cupboard to scare us off.”

Vodafone chief executive Vittorio Colao spoke about the mess in their Turkish operations: “Our turnaround in Turkey is taking longer than we anticipated.”