Vodafone reveals €22bn loss

Mobile phone giant Vodafone unveiled annual losses of £14.85bn (€21.7bn) today and said it planned to cut 400 jobs at its headquarters in Newbury, England.

The massive bottom-line deficit was caused by the company writing down the value of its assets, including the worth of its £100bn (€145.9bn) acquisition of Germany’s Mannesmann in 2000.

The company also announced a plan to cut costs through outsourcing and the reduction of group overheads, including through the loss of the 400 jobs.