China Mobile Falls on Profit Drop as IPhone Boosts Costs
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China Mobile Ltd. fell the most in a month in Hong Kong trading after posting its third straight drop in quarterly profit as expenses for subsidizing Apple Inc.’s iPhone and building networks increased.
Shares dropped 2.6 percent, the most since March 21, to close at HK$70. Net income at the world’s largest phone company by users fell 9.4 percent to about 25.24 billion yuan ($4 billion) in the first quarter, the Beijing-based company reported yesterday. Profit was expected to be 27 billion yuan, based on the median of five analysts’ estimates compiled by Bloomberg News.