Telstra’s profits have slumped as the Company lacks clear vision or the products to deliver profits claim observers.

This is the same national carrier that recently closed down Telstra TV, another failure, after splashing $51M on Fetch TV which appears to be going nowhere up against a surging Foxtel Group of which Telstra owns 35% of the shares in.

The big carriers annual profit fell close to 13% to $1.79bn.

Another problem area fixed enterprise business struggles, amid mounting competition and tech changes with both CEO Vicky Brady and Chairman Craig Dunn appearing to take a risk adverse strategy as opposed to taking risks which is why they should be ruled out as a potential acquirer of News Corps 65% shareholding in Foxtel Group.

Currently the business is trying to cut $350m in costs out of the business and recently cut 3000 jobs, with more tipped later this year.

Despite the profit slum revenues have risen 2.7% to $8.2bn for the year ended June 30, 2024.

They were also able to deliver strong growth in mobiles due in part to their relationship with JB Hi Fi Australia’s #1 smartphone and mobile retailer.

In the period they delivered 560,000 new handheld customers, as well as an average revenue per user growing in both postpaid and prepaid mobiles.

The telco added 116,000 new postpaid customers, with revenue jumping 4.5 per cent to $5.63bn as average revenue per user rose to $52.85 from $51.55.

Comparatively, the telco added a larger number of prepaid customers, at 124,000 over the full year, with revenue jumping 10.9 per cent to $1.19bn. Prepaid ARPU grew 3.8 per cent.

Vicky Brady said, “Our mobiles business has continued to perform very strongly, with EBITDA growth of over $400mn,” she said.

“This growth was driven by more people choosing our network, with more than 560,000 net new handheld customers, along with ARPU growth. Mobile services revenue grew by 5.6 per cent and our mobile business underpinned our overall underlying earnings growth.” she added.

Fixed enterprise revenue dropped 2.7 per cent overall to $3.53bn, which the telco attributed to increased competition and technology changes.

The number of data and connection services in operation dropped 3.8 per cent – by about 6000 connections over the full year – resulting in a data and connectivity income decline of $748m or 6.8 per cent.

Chief executive Vicki Brady says the business was far from meeting the telco’s expectations.

“While most parts of our business performed strongly, Fixed Enterprise is clearly a long way from where we need it to be,” she said.

“We commenced action during the year to address challenges in our Enterprise business and took additional action on cost overall.”