Vodafone cuts outlook and seeks cost savings as economic woes mount

LONDON: Vodafone cut its full-year cashflow forecast and lowered earnings guidance on Tuesday, reflecting soaring energy costs and a deteriorating performance in Germany, Italy and Spain.

Chief Executive Nick Read said the European mobile operator had to navigate a “challenging macroeconomic environment” that forced it to cut its cashflow forecast by 200 million euros to about 5.1 billion euros ($5.3 billion) for the year to the end of next March.