Chart: China Mobile Undermined by End of Data Roaming Fees
China Mobile reported its revenue began to decline in the third quarter of 2018, causing profits to also sag as competition and the end of domestic data-roaming fees took a toll on the company.
China’s largest wireless carrier, with more than 900 million subscribers, said its revenue fell 2.6% to 176 billion yuan ($25.4 billion) for the three months through September, according to calculations by Caixin using data for the first three quarters. Profit for the quarter fell 0.2% to 29.4 billion yuan.
China’s three state-owned wireless carriers formally ended all domestic data-roaming fees on July 1, impacting not only China Mobile but also rivals China Unicom and China Telecom.
“In the face of severe adversities resulting from stiffening market competition, a rapid decline in data value and a significant reduction in revenue subsequent to the cancellation of data ‘roaming’ charges, the group has made prompt adjustments to its business strategy and actively responded to market competition,” China Mobile said in a filing to the Hong Kong Stock Exchange.
China Mobile shares fell 3.87% in Hong Kong on Tuesday after the results came out after market close the previous day.
The following is an updated table of Chinese tech company earnings from July to September, starting with the most recent to report.
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