China Mobile (CHL.NYSE, 0941.HKG) posted the biggest decline in profits since 1999 due to the costs of building up its 4G network and consumers favoring third party messaging apps like Tencent’s (0700.HKG) WeChat, Bloomberg reported. Net income fell 8.8% to US$4.7 billion (RMB28.4 billion) in the third quarter, according to figures derived from nine-month results released by the Beijing-based company on Monday. Chief Executive Officer Li Yue, fighting to stem a decline in the carrier’s share of China’s 1.2 billion wireless users, plans to roll out commercial 4G services that will boost capital spending by 49% this year to more than US$31 billion.
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