Australian telecom firm Telstra’s annual profit falls on weak enterprise performance

Australia’s top telecom firm Telstra Group posted nearly a 16% drop in its full-year profit on Thursday, as growth in its mobile segment was outweighed by the weak performance of enterprise and wholesale business.

Telstra’s fixed enterprise segment, which provides tech solutions, network capacity and cloud services to government and large businesses, continued to struggle amid heightened competition and constrained customer spending.