Optus 1QFY21 and Vocus FY20 earnings update: revenues fall amidst a declining telco market

Optus consumer revenue fell 10.8% in 1QFY21 while Vocus Group revenue declined 6% in FY20 due to mobile and retail weakness.

Nitish Kumar · Manager – Planning, Strategy and Market Intelligence at TPG Telecom19 August 2020Period: 1QFY21 / FY208 min read

Last updated 10 June 2026

10.8%↓

Decline in Optus Australian consumer operating revenue (1QFY21)

81.5%↓

Decline in Optus EBIT to A$44mn (1QFY21)

Locked

+2more stats

Companies covered:OptusVocusSingtelTelstraNBNTPGSpinTelMoose MobileDodo

Abstract

This report analyzes the financial performance of Optus and Vocus following their latest earnings updates. Optus reported a 10.8% decline in consumer operating revenue to A$1,728mn for 1QFY21, while Vocus Group revenue fell 6% to A$1,778.2mn for FY20. Both operators experienced significant pressure on mobile revenues as COVID-19 lockdowns shifted consumer reliance toward fixed broadband. The analysis highlights the strategic pivot toward 5G fixed wireless and bundling strategies to mitigate margin erosion in a highly competitive Australian telco market.

Key Takeaways

Optus consumer operating revenue fell 10.8% to A$1,728mn in 1QFY21, while EBIT collapsed 81.5% to A$44mn.
Vocus Group revenue declined 6% to A$1,778.2mn in FY20, though underlying EBITDA remained stable at A$360.5mn.
Mobile service revenues for Optus declined 4.1% YoY, impacted by a shift to SIM-only plans and lost roaming revenue.

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Frequently Asked Questions

Optus reported a 10.8% decline in consumer operating revenue to A$1,728mn, while Vocus Group revenue fell 6% to A$1,778.2mn. These results align with a broader retail telco market forecast to decline at a 0.6% CAGR through 2023.

NBN’s aggressive focus on business broadband creates direct margin risk for incumbents within their own fiber footprints. Optus has already seen EBIT collapse by 81.5% to A$44mn as COVID-19 lockdowns accelerated the shift away from high-margin mobile revenue toward fixed broadband.

Vocus New Zealand remains a bright spot with a 5% increase in revenues, while the Vocus Networks division now provides 56% of total Group EBITDA. Additionally, Optus has successfully scaled its sports content platform to 818k customers to drive 5G differentiation.

Optus 1QFY21 and Vocus FY20 earnings update: revenues fall amidst a declining telco market

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