(Bloomberg) -- Billionaire Carlos Slim’s America Movil SAB reported better-than-expected subscriber growth in the second quarter, with the telecommunication giant showing strength in the Mexican and Brazilian markets.
The Mexico City-based company added 2.4 million wireless subscribers in the period, with Brazil gaining 907,000 users, according to a filing Tuesday with the Mexican stock exchange. The bulk of the new users were postpaid, which are more profitable for the company than prepaid.
Companywide, America Movil had 314 million subscribers in the second quarter, above analyst estimates of 309.1 million. Revenue was in line with analyst estimates.
The company also reported a net loss of 1.09 billion pesos (about $62 million), citing a weaker peso which increased the cost of financing. Analysts had expected net income of 14.5 billion pesos, according to the average estimate compiled by Bloomberg.
Last month, America Movil said it would take control of Chilean telecommunications company ClaroVTR two years after setting it up as a joint venture with US billionaire John Malone.
(Updates throughout with additional context.)
©2024 Bloomberg L.P.
