Rogers CEO Joe Natale's priority obviously is not, "Investing in technology and capabilities that will ensure Canadians remain leaders." in technology and capabilities that will ensure Canadians remain leaders." In the same investor presentation, CFO Tony Staffieri said, "We expect CapEx for the year to come in well below the guidance range we previously provided." He is not reducing the dividend despite lower earnings. The company has withdrawn guidance because of increased uncertainty.

Rogers is Canada's cable leader and one of the three dominant wireless carriers. The cuts are bad news for Canada's 5G deployment, already far behind the U.S. (Canadian 4G speeds are excellent, averaging over 70 Mbps.) 

Belgium’s Proximus, Sweden’s Telia, and most recently, France’s Orange have already cut dividends. Their stock prices have done relatively well, however. Telefonica, DT, BT, and Vodafone may follow.

If Telus of Bell Canada moved aggressively on 5G, Rogers would have to do so as well. The Capex cut by Rogers only makes sense if they have an understanding the others will go slowly.