MADRID – Vodafone Group said on Thursday that it plans to cut up to 1,200 jobs in Spain, around 24 percent of its workforce in the country, blaming price pressures amid increased competition.
The UK telecommunications group, which employs 5,100 people in Spain, will this month begin a month-long consultation with employees, it said.
Vodafone said the job cuts follow a decline in revenue and earnings from its Spanish operations in the first half of fiscal 2019.
Demand for telecommunication services is increasing in Spain, although it is weighted toward low-and-medium cost offerings, Vodafone said.
The company said the job cuts are aimed at protecting investment capacity and will make it a more competitive organization better adapted to customers’ needs.
Shares at 1109 GMT were up 0.3 percent at 153.24 pence.