Tuesday, April 21, 2015 4:00:35 PM
China Mobile (0941.HK/CHL) reported its March quarter earnings after the market close yesterday.
In the first quarter, China Mobile added 53 million 4G subscribers, a record net add. By the end of March, China Mobile had 143 million 4G subscribers. “On the current run rate we expect they will reach 320 million 4G users by the end of the year,” on track to beat the management’s own target of 250 million, said Bernstein Research‘s Chris Lane and team. 3G and 4G subscribers are now 46% of China Mobile’s total subscriber base, up from 29% a year ago.
Data continued to grow strongly. Total mobile data traffic and traffic per subscriber increased by 158% and 146% from a year ago.
Mobile average revenue per user rose 3.2% from the last quarter, better than the 6.7% quarterly decline seen in December quarter. Total revenue rose 3.9% from a year ago to 160.9 billion yuan. Earnings before interest, taxes, depreciation and amortization, or EBITDA, grew by 2.8%, better than the company’s flattish EBITDA guidance.
Shares of China Mobile’s ADR jumped 5.4% in New York. China Unicom (0762.HK/CHU) rose 5.3%. China Telecom (0728.HK/CHA) gained 4.9%.
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