“China Telecom Corp., the country’s biggest fixed-line carrier, reported fourth-quarter profit that beat analysts’ estimates as customers using Apple Inc.’s iPhone helped boost sales of wireless data,” Bloomberg News reports.
“Net income fell 17 percent to 2.36 billion yuan ($380 million) from 2.84 billion yuan a year earlier, the Beijing- based company said in a statement today,” Bloomberg reports. “That surpassed the 2.04 billion yuan average of six analysts’ estimates compiled by Bloomberg.”
Bloomberg reports, “Chairman Wang Xiaochu began sales of subsidized iPhones last year, helping the company lure subscribers in the battle with larger wireless carriers China Mobile Ltd. and China Unicom (Hong Kong) Ltd. China Telecom said at the time the device would boost long-term growth with ‘short-term pressure’ on profitability due to promotion costs. The company said mobile data traffic volume almost tripled last year.”
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