Shares in Spanish telecoms giant Telefonica fell sharply on Tuesday after it posted a net loss for the first nine months of the year and announced it would cut its dividend by half in 2026.

The company booked a net loss of 1.08 billion euros ($1.2 billion) between January and September, compared with a profit of 954 million euros during the same period last year, weighed down by losses linked to asset sales in Latin America.

Net profit in the third quarter fell to a lower-than-expected 217 million euros from 493 million euros in the same period last year due to one-off impairment charges on its Telefonica Tech unit, the company said in a statement.

Telefonica said it would cut its dividend by half next year to 15 cents per share as part of a new five-year strategic plan as it seeks to r

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