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"Telefonica's shares are down by 9.8%, wiping out all of their growth this year. This is because of a new strategy under their chairman, who joined in January and is slashing dividends by half to redirect cash into the core business and invest in areas like defense and cyber security. There are questions over how much savings will really be generated and what exactly that will fund. Shares are sliding on the back of that news in Spain."
Telefonica is implementing a major strategy shift by halving its dividends to reinvest in its core business and explore new sectors. However, uncertainty over the execution and actual savings has led to a significant 9.8% drop in its share price, causing investor concern.
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