Why Vodafone boss had to cut dividend

Why Vodafone boss had to cut dividend

The British mobile giant's finances are stretched to snapping point, so something had to give

It’s counter-intuitive: you cut the dividend, yet the shares rise. That’s exactly what happened to Vodafone on Tuesday morning; maybe it was short-term relief that an industry known for its generous pay-outs was finally getting a sense of reality, though the shares fell back later in the day.

Telecoms operators’ historic tendency towards out-sized dividends has tied up capital that might have been better spent on new technologies....

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