China Mobile Ltd, the world’s largest mobile carrier by subscribers, will spend more this year to bolster its 4G mobile network to counter its first annual profit drop in 14 years.
The company blamed pressure from messaging services like the WeChat mobile app from Tencent Holdings Ltd and said on Thursday it will increase capital spending by 22 percent to 225.2 billion yuan ($36.34 billion). One-third of this, or 75 billion yuan, will go to expanding the high-speed 4G service it launched in December.
China Mobile also said it plans to sell 100 million 4G devices and have 50 million 4G users by the end of the year, following the January launch of Apple Inc’s iPhone on its network.
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Paul Carsten and Yimou Lee, Reuters via CHINA US Focus http://ift.tt/1eWBzbR
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