Shares in Vodafone, the British wireless carrier that is a partner in Verizon Wireless, climbed Tuesday after the company reported first-half earnings per share fell 35 percent, but unveiled a $1.54 billion per-year cost-cutting plan.

For the period ended September 30, revenue was $30.6 billion, a 17.1 percent year-over-year increase, but a 0.9 percent increase in organic growth.

Though the world’s No. 1 wireless carrier cut its full-year revenue forecast from about $61.3 billion to a range of $59.7 billion to $61.1 billion, investors welcomed the company’s austerity plan, driving shares up $1.18, or 7 percent, to $17.94 on the New York Stock Exchange.

Earnings per share for the latest period fell 35 percent to $.06.

In a statement, Vittorio Colao, who took the chief executive reins in July, said the company was launching cost-containment programs that are expected to cut operating costs by about $1.54 billion “per annum by the 2011 financial year to offset the pressures from cost inflation and the competitive environment and to enable investment in revenue growth opportunities.”

Hurting Vodafone’s six-months results was a $2.6 billion write-down of its operations in Turkey.

The company, which owns 45 percent of Verizon Wireless, also announced that the board of directors had increased the dividend by 3.2 percent.

In a research report, Independent International Research PLC, which has a “hold” rating on the stock, noted that Vodafone’s profit margins contracted in the first half and said it expects continued pressure on margins “due to an anticipated increase in cost of sales.”