Vodafone’s share price has dropped by almost four per cent after new chief executive Margherita Della Valle announced plans to axe around 11,000 jobs over the next three years.

The announcement follows Vodafone’s latest financials, which revealed the company missed its own guidance and recorded a full year earnings drop of 1.3 per cent to €14.7 billion from €15.2 billion in 2022.

“My priorities are customers, simplicity and growth,” said Della Valle, who officially assumed the chief executive last month following an interim period. “We will simplify our organisation, cutting out complexity to regain our competitiveness.”

Della Valle, who described the firm’s performance as “not good enough” added the company would reallocate resources to “deliver the quality service our customers expect” and drive further growth.

Despite the full year earnings dip, Vodafone’s results also showed that its group revenue increased by 0.3 per cent to €45.7 billion which it attributed to the company’s continued growth in the African market and higher equipment sales.

Net debt also fell by almost 20 per cent from 2022 to around €33 billion.

Former chief executive Nick Read was ejected from the role last year after Vodafone experienced a 45 per cent drop in its share price throughout his tenure.

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