China Mobile’s (CHL.NYSE, 0941.HKG) quarterly profits fell as the cost of subsidizing Apple’s (AAPL.NASDAQ) iPhone and upgrading networks took a toll on the mobile company’s bottom line, Bloomberg reported. Net income fell 9.4% to about US$4.04 billion (RMB25.24 billion) in the first quarter, falling below analysts’ estimates of RMB27 billion. Fierce competition prompted the carrier to make sizable investments into building a 4G network and a deal with Apple to offer the iPhone. But even as the total number of customers has risen, falling revenues from its lucrative text messaging business means average revenue per user has dropped.
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