Latest stock market news videos & Morning Bell

Telecommunications giant, Telstra (ASX:TLS), delivered its 2020 financial results this morning, here’s what you need to know.

The 11th biggest company on the ASX, reported results in line with its own guidance and market expectations. NPAT fell 15.6% to $1.8b, as the government-owned national broadband network continued to eat into earnings, while mobile revenues fell due to a drop in international roaming revenue from COVID-19 restrictions.

Total revenue fell 5.9% to A$26.2 billion, with mobile revenue down 4.4% and fixed-line revenue falling 12.1%. Stripping out $200 million in restricting costs, Telstra’s underlying earnings known as EBITDA fell 9.7% to $7.4b. TLS maintained and declared a final dividend of 8 cents per share, payable on the 24th of September, which takes its total FY20 dividend to 16 cents.

TLS shares have gained 17% from its COVID-19 bottom but after the result came through its shares saw some selling due to its weaker outlook.

TLS remains a UBS and Goldman Sachs buy with some brokers price target’s ranging from $3.70 to $4.40.