BT Share Price News– Page 8 of 9

The BT share price is in the spotlight today after the telco published its full-year results. The stock dropped by as much as 5% when the market opened. It is trading at 159p, which is about 7% below the year-to-date high. It is also one of the worst performers in the FTSE 100 index. BT full-year earnings: In a report today, BT Group reported that its revenue declined by 7% in 2020 as the coronavirus pandemic dented its business. Its revenue fell to 21.3 billion pounds while its pre-tax profits fell by 23% to 1.8 billion pounds. In a statement, the company’s CEO said: “BT comes out of this challenging year as a stronger business with an even greater sense of purpose. Our fantastic colleagues have shown the true colours of BT – delivering resilient connectivity, supporting families and businesses and helping to underpin the heroism of the NHS.” At the same time, the company emphasised that its broadband service was growing at a faster rate than expected. In fact, the firm now plans to hire 7,000 people to accelerate its rollout. While this is a positive sign, it presents more challenges on costs. It also plans to lower its pension deficit by more than 4 billion pounds. The company also highlighted that some of its uncertainties have been removed. Some of the uncertainties it faced were on the government’s super-deduction, Wholesale Fixed Telecoms Market review, and the 5G spectrum auction. Also, it faces a relatively brighter future as the UK economy recovers as evidenced by yesterday’s GDP data. BT Share Price Forecast The BT stock gapped lower on Thursday after the firm reported relatively weak financial results. On the daily chart, we see that the shares rose to a year-to-date high of 172.85p in April. This price was slightly above the 38.2% Fibonacci retracement level. Today, it moved below the 38.2% retracement and is attempting to drop below the 25-day moving average. Still, the upward trend is still being supported by the 50-day EMA. The shares have also moved below the lower side of the rising wedge pattern. Therefore, at this stage, the outlook for the stock is neutral. A bearish signal will be confirmed if it manages to move below the 50-day EMA. BT stock chart Follow Crispus on Twitter.

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