It looks like even the world’s largest mobile phone manufacturer will have to undergo job cuts as well. This was announced as Vodafone is set to cut off some jobs to be able to reduce costs amidst the economic slowdown.

The company aims to announce the measures on Feb. 24, said the people, who declined to be identified because the plans are confidential. The jobs will be eliminated at Vodafone’s U.K. operations, the people said, declining to give a precise number.

Vodafone on Nov. 11 slashed its full-year sales forecast for the second time in four months, while keeping its profit forecast, raising the full-year free cash flow prediction and increasing the dividend payment.

Vodafone’s U.K. unit had a margin on earnings before interest, taxes, depreciation and amortization of 23.2 percent in the six months ended Sept. 30. In Germany, Vodafone’s biggest market, the margin was 44 percent and in Italy 44.9 percent.

(Source) Bloomberg