CX Briefing: China Mobile’s Revenue Falls for First Time in Years

A rundown of the news making headlines in and around China:

Mixed signals: China Mobile Ltd.’s first-half revenue fell for the first time in six years as company grapples with a saturated domestic telecom market, even as its profit climbed to a record high. The state-owned telecom giant announced Thursday that its revenue for the first half dropped 0.5% year-on-year to 543.8 billion yuan ($75.7 billion). Chairman Yang Jie cited weak consumer spending and “malicious” competition as factors hurting the company’s revenue, along with demand peaking for traditional telecom services. Despite the top-line dip, China Mobile’s net profit grew 5% to a record 84.2 billion yuan, aided by cost-cutting. China Mobile has been reducing its capital spending, with 5G investment down nearly 18% for the half year.