** BT Group shares fell close to 6% on Friday to 217p, wiping out almost all of the previous day's 5.6% jump after the telecoms group's half-year results. The drop made BT one of the FTSE 100's worst performers on a day when the index itself fell 1% amid a global technology sell-off. ([Sharecast](https://www.sharecast.com/news/risers-and-fallers/ftse-100-metlen-iag-coca-cola-hbc-scottish-mortgage-investment-trust-bt-group--24074202.html))

Strong results, cold reception

Thursday's results had initially pleased investors. Pre-tax profit rose 12% to £1.07 billion, BT raised its interim dividend and maintained its full-year guidance, while reporting a reduction in its pension deficit. Openreach earnings improved as more customers moved onto full fibre. ([Pagegoo](https://pagegoo.com/2026/11/bt-shares-just-dropped-6-time-to-buy-them-or-bail-out/))

But the detail gave sellers ammunition. BT lost 366,000 broadband lines in the first half, and average monthly broadband revenue per customer fell 3% to £40.80 amid fierce price competition. Net debt has risen to £21 billion, almost exactly matching the company's market value.

Costs, jobs and a cautious City

Chief executive Allison Kirkby is targeting normalised free cash flow of £2 billion in the current financial year, rising to £3 billion by 2030. BT has cut 7,731 jobs since March, taking employee numbers to around 90,000, as it leans on automation to reduce costs. Its £400 million TalkTalk acquisition brings 2.5 million customers but a major integration challenge.

Deutsche Bank reaffirmed its sell rating on the stock on Friday, with a 150p price target implying roughly 31% downside from the previous close. The shares have climbed almost 30% over the past year, leaving a trailing yield of about 3.85%. Friday's fall suggests investors are no longer willing to pay up for a recovery story while broadband lines keep shrinking.