China Mobile reports 7.9 per cent profit drop in first three quarters
China Mobile's net profit fell 7.9 per cent year-on-year to 106.2 billion yuan in the first three quarters. Operating revenue declined 1.8 per cent to 780.3 billion yuan. The firm said it would advance AI and computing integration.
China Mobile (0941) reported a net profit of 106.2 billion yuan (HK$124.82 billion) for the first three quarters of the year, a 7.9 per cent decrease from the same period last year, according to an exchange filing released on 20 October.
The state-owned telecommunications giant's operating revenue edged down 1.8 per cent to 780.3 billion yuan. Revenue from its principal businesses fell by 3.7 per cent to 657.7 billion yuan. Earnings before interest, taxes, depreciation and amortisation also dropped 6.7 per cent to 247.5 billion yuan during the nine-month period.
As of the end of September, China Mobile's total mobile customers reached 1.01 billion, with a net addition of 8.89 million users over the three quarters. Its 5G network subscribers grew to 702.3 million.
The company said it would advance the integrated deployment of communications, computing and artificial intelligence networks, and strengthen integrated innovation across communications, computing and AI services. It added that it would reinforce its strategic positioning in AI, accelerate expansion in the computing market, and consolidate the foundation of communications services.