UPDATE 3-Telefonica cuts dividend as pandemic crimps 2020 earnings [Reuters]
Telefonica SA (TEF)
Last telefonica sa earnings: 2/23 04:01 pm
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telefonica.com/en/web/shareholders-investors
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Source: Reuters
By Isla Binnie 3 Min Read (Adds shares, analyst comment) MADRID, Feb 25 (Reuters) - Telefonica has cut its dividend after reporting a 10% fall in 2020 earnings even though the Spanish telecoms group expects its business to stabilise this year. Telefonica, like European rivals, was already facing growth issues before the pandemic struck, and is focusing on expanding in Brazil, Britain, Spain and Germany and selling assets to cut debt and fund an upgrade to next-generation 5G networks. It has cashed in on investor appetite for infrastructure, selling more than 30,000 mobile masts and a stake in its Chilean fibre optic network to help shrink its debt. Telefonica UK’s business O2 is planning to merge with Virgin Media. Investors welcomed the cut in the dividend to 0.30 euros per share on 2021 earnings from 0.40 in 2020 as a way to lighten a debt load which has weighed on Telefonica’s shares. The stock rose more than 2%. Analysts at Madrid-based CM Capital Markets said although a dividend
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TEF
Earnings
- 2/23/24 - Beat
TEF
Sec Filings
- 4/12/24 - Form SC
- 4/12/24 - Form 6-K
- 4/12/24 - Form 6-K
- TEF's page on the SEC website