Vodafone to Cut More Costs as Profits Rise

LONDON (TheStreet) -- Vodafone(VOD Quote), the world's largest mobile operator by revenue, said first-half earnings before interest, taxes, depreciation and amortization rose 2.9% to 7.5 billion pounds ($12.48 billion) and it plans to extend cost cuts by a further 1 billion pounds.

In a statement Tuesday, Vodafone said group revenue rose 9.3% to 21.8 billion pounds, while organic revenue declined 3%.

The company said operating profit at Verizon Wireless, the joint venture Vodafone operates with Verizon Communications(VZ Quote), rose 34.3% in the six-months ended Sept. 30, driven by strong revenue growth. ...