RE: Vodafone Announces 11,000 Jobs Cut16 May 2023 12:34
The poor results sent Vodafone shares tumbling 6.6 per cent to 84p in morning trade on Tuesday, erasing almost all gains since the start of the year.
The stock, which is widely held by investors in Britain, has suffered in recent years amid the company's lacklustre performance, having fallen by around 27 per cent over the last 12 months.
During former chief executive Nick Read's four-year tenure, Vodafone shares lost 40 per cent of their value, and are down by about 55 per cent compared to five years ago.
However its slump has caught the attention of some major investors such as John Malone from Liberty Global, an investor in ITV and Virgin Media O2, who snapped up a 4.9 per cent stake in Vodafone in February.
French tycoon Xavier Niel, the founder of internet and mobile operator Iliad, also bought a 2.5 per cent stake last September.
https://www.thisismoney.co.uk/money/markets/article-12088859/Vodafone-shares-tumble-telecoms-giant-unveils-11-000-job-cuts.html