Vodafone reported an increase in sales and profits as it continues to implement cost-cutting measures that have resulted in the loss of 1,200 jobs across Europe in recent months. The company did not disclose the specific number of jobs affected in the United Kingdom.

The telecommunications firm aims to reduce its total costs and capital expenditures by approximately £700 million annually by the 2030 financial year. This target is partially driven by Vodafone’s merger with Three in the UK, which is expected to generate significant efficiencies.

In its most recent financial update, Vodafone revealed that its service revenues reached £8.6 billion for the first quarter, marking a 10 percent growth compared to the same period last year. The company’s focus on trimming expenses while expanding its revenue base reflects a strategic effort to strengthen its market position amid increasing competition in the telecom sector.