Telstra Profit Down, but Share Price Up

Telstra’s FY24 net profit fell by 12.8 percent to $1.8 billion (US$1.2 billion) for the year, largely due to its struggling fixed-line enterprise business, against which it recorded a $311 million writedown. In May, the Australian telco said it was implementing several measures to prop up its lagging fixed-line business performance, where revenue fell by 67 percent for the full year. It included the axing of up to 2,800 jobs—close to 10 percent of its entire workforce—with the majority of this to occur within 2024. That, along with a reduction of its non-labour and indirect labour costs, would result in $350 million in cost reductions by the end of FY25, it said....