China Mobile records first profit drop in 14 years

China Mobile’s (CHL.NYSE, 0941.HKG) first drop in annual profits in 14 years has prompted the company into boosting its 4G mobile network, Reuters reported. With more users consuming ever more data on messaging services such as WeChat, the mobile carrier is investing US$12 billion on expanding its high-speed 4G service. The company is attempting to overturn its waning fortunes after revenues fell from reduced SMS usage, which was the formerly lucrative source of revenue for mobile carriers. China Mobile is also trying to win back customers, who flocked to its rivals because of the poor quality of its 3G service.