The result and the outlook for Telstra was very poor which is...

The result and the outlook for Telstra was very poor which is why its getting sold off.

When a company has a PE ratio of around 18/20 (which Telstra has) you expect revenue, market share, profits and general growth all to keep growing each year.

The current yield is irrelevant in my opinion as its not sustainable and was why the dividend was split between a normal dividend and a special dividend.

Telstra has lost a massive competitive advantage due to the NBN and even though it received reasonable compensation for that loss the net effect is negative for the company.

The only real potential for growth is the near term is 5G and I personally think the take up will not be as good as the company thinks unless they reduce the price of using it. They are gambling on customers being prepared to pay a significant premium for the service due to higher speeds and although some customers will be willing to pay the extra I think many will not.
The only way 4G will get switched off is if all the competitors have 5G fully up and running as well and if that is the case there will likely be a price war to gain customers.

So in summary its very hard to see how Telstra will grow profits over the next few years and in fact it appears more likely that profits will continue to decline and the dividend will continue to be cut.