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Despite a glittering start to the week at the Oscars (well it was Monday morning GMT) we Brits have quickly been brought crashing back down to earth by some rather more sobering news...

According to 'sources' at Sky News, Vodafone - the UK's largest mobile phone network with 19.1m customers - is posed to cut "hundreds of jobs". No figures were put on the exact number or exactly when or where they will take place but the move is expected to help it reduce costs by £1bn in time for March 2011.

Disappointingly the news comes just a few weeks after Vodafone reported comparatively robust fourth quarter financial results. Revenue was up 14.3 per cent to £10.47bn compared to the year ago quarter and yearly predictions had been increased from £38.8-39.7bn to £40.3bn-41.5bn. That said, an ever worsening economy has seen it take action.

At the time of publication Vodafone has yet to comment publicly on the losses but we'll update you as soon as we hear more...

...and while we're on a downer, yep - wins aside - the new Oscar format was rubbish.

Update 24/02/2009 Here's the official word:

"Vodafone UK has today announced reductions to its operating costs in order for it to compete more effectively in the UK market", the company said in a statement. "As customers look for best value in their mobile services, Vodafone intends to reduce its cost base whilst continuing to invest in new products and services to meet changing customer needs".

500 jobs will go with the bulk - 170 - from the telco's head office in Newbury.

Link:
via Sky News

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