China Mobile profit beats estimates on 4G growth
Mobile operator ChinaMobile Ltd posted profit that beat analyst estimates on Thursday, as the expansion of the fourth-generation network and sales of Apple Inc’s iPhone helped the company add more subscribers than competitors. Net income was 32.5 billion yuan ($5.3 billion) in the second quarter, according to figures derived from six-month results the company said. That compares with the 29 billion yuan average of four estimates compiled by Bloomberg and represents a 7.8 percent decrease from the year before. ChinaMobile is building the world’s biggest 4G network to drive a shift to faster services for downloading videos and games as its text messaging business loses ground to free applications includingWeChat. The company had 13.9 million 4G customers at the end of June, more than quadruple that of secondranked China Unicom (Hong Kong) Ltd, helping drive a 52 percent surge in data traffic revenue.