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Vodafone raises cost-cutting target

Mobile phone operator Vodafone is planning another round of cost-cutting measures to counterbalance falling revenues.

Mobile phone operator Vodafone is planning another round of cost-cutting measures to counterbalance falling revenues.

Vittorio Colao, chief executive at Vodafone, is expected to announce a cost-cutting target tomorrow when Vodafone's interim results are due, according to the Financial Times.

Analysts expect Vodafone's operational cost-cutting target of £1bn by March 2012 to be increased to £1.5bn.

Vodafone is expected to report revenues and earnings for the six months to 30 September up 8.3% and 2.8% respectively from the same period the year before.

But some of Vodafone's European businesses, including the UK, are expected to report declining revenue because consumers are spending less during the recession.

Vodafone has launched several initiatives in Europe to boost revenues, including a mobile micropayment service and a deal to sell Apple's iPhones from 2010.

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