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Shares in America Movil Surge After Impressive Q3 Performance
America Movil's shares rose following a strong Q3 report, showcasing significant profit growth and strategic expansions.
Shares of America Movil, the Mexican telecommunications giant, experienced a notable increase after the company reported impressive financial results for the third quarter of 2024. The company's stock rose by 2% in early trading, reflecting investor confidence in its robust performance.
America Movil, controlled by the family of Mexican billionaire Carlos Slim, announced that its net profit more than tripled compared to the same period last year. The company attributed this growth to a weaker Mexican peso, which enhanced its foreign earnings, and reduced financing costs. The net profit surged by 217% to 6.43 billion Mexican pesos, equivalent to $326.37 million.
The company's revenue for the quarter reached 223.46 billion pesos, marking a nearly 10% increase year-on-year. This growth was driven by strong performance in both mobile and fixed-line segments, with significant contributions from Brazil and Colombia. America Movil added 1.8 million subscribers during the quarter, including 1.4 million post-paid customers, primarily from Brazil.
In addition to its financial achievements, America Movil has been actively expanding its operations. The company entered a joint venture with Ericsson to sell network software and signed a non-binding agreement with Spain's Telefonica to explore joint participation in the sale of assets of Chilean carrier WOM.
The company's strategic moves and financial performance have been well-received by the market, as evidenced by the rise in its share price. America Movil's ability to leverage currency fluctuations and optimize its operations has positioned it favorably in the competitive telecommunications landscape.
Articles published about this story
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