The Globe and Mail reports in its Saturday edition that Telus surprised investors with a 55-er-cent dividend cut, reducing its quarterly payout from 41.84 cents to 18.75 cents per share. The Globe's Irene Galea and Olivia Grandy write that this change, announced by new chief executive officer Victor Dodig, comes alongside a reduction in the company's financial guidance for the year. In a Friday note, TD Cowen's Vince Valentini said the dividend cut and changes to the financial guidance for the rest of the year "were much worse than expected." The shares have fallen almost 52 per cent over the past five years, and almost 26 per cent since the beginning of the year. "We're resetting the company for the long term," Mr. Dodig said Friday. He said the dividend reset was widely anticipated by investors. "We believe that it's something that was necessary. We now have the ability to invest as we grow our company." Mr. Dodig said the company's decision to delay its debt reduction target to the end of 2028 and lower its 2026 financial guidance reflects "the reality" as it shifts strategy and sells assets. Telus has plans to grow revenue faster, simplify its business and redirect spending to the highest areas of growth.