Telstra drops 7.3% after earnings warnings

Telstra issued earnings warnings this morning and said that the performance in the first half of this year was far below the expectation. Its CEO Ziggy Switkowski also claimed when meeting reporters that the company held conservative attitude towards the performance in the following 12-18 months, hinting that the turnover growth in the next fiscal year would continue to slow down.

Telstra eroded 7.3%, or AU$0.49 to close at AU$6.22 this morning.

Telstra is among the partners of PCCW (0008) and holds US$750 mln PCCW convertible shares.

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