China Unicom Q3 profit below estimates
Source: Bloomberg News |
October 26, 2012, Friday
|
Print Edition
Print Edition
CHINA Unicom, the nation's second-largest mobile-phone company, had third-quarter profit that missed analysts' estimates as a push to add users with low-cost phones boosted costs faster than sales.
Net income rose 27 percent to 2.02 billion yuan (US$324 million), from a restated 1.59 billion yuan a year earlier, based on figures derived from nine-month earnings the Beijing-based telco reported yesterday. That compares with the 2.21 billion-yuan median of seven analysts' estimates in a Bloomberg News survey.
Chairman Chang Xiaobing turned to low-cost smartphones priced at 1,000 yuan or less after the telco in March lost the advantage of being the only Chinese mainland carrier to offer Apple's iPhone with a service plan. Subscribers with cheaper phones make less use of data. Also campaigns to lure price-conscious users can be costly, according to Barclays Plc.
Net income rose 27 percent to 2.02 billion yuan (US$324 million), from a restated 1.59 billion yuan a year earlier, based on figures derived from nine-month earnings the Beijing-based telco reported yesterday. That compares with the 2.21 billion-yuan median of seven analysts' estimates in a Bloomberg News survey.
Chairman Chang Xiaobing turned to low-cost smartphones priced at 1,000 yuan or less after the telco in March lost the advantage of being the only Chinese mainland carrier to offer Apple's iPhone with a service plan. Subscribers with cheaper phones make less use of data. Also campaigns to lure price-conscious users can be costly, according to Barclays Plc.
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