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iPhone marketing hurts China Telecom Q1 profit
By Zhu Shenshen |
April 27, 2012, Friday
|
Online Edition
Online Edition
CHINA Telecom yesterday posted a less-than-expected first-quarter profit due to expensive iPhone promotions after the carrier became Apple's new partner.
Morgan Stanley still upgraded China Telecom's rating because it considered China Telecom's weak performance is "short-term" and its mobile and fixed-line businesses will fuel the carrier's revenue in the long term.
China Telecom, the country's biggest fixed-line carrier, posted a 6.5 percent decrease in first-quarter net profit to 4.27 billion yuan (US$677 million), compared with 4.45 billion yuan estimated by analysts.
"After the launch of iPhone 4S, the group stepped up its input in marketing," said Wang Xiaochu, chairman of China Telecom. "It is expected to significantly improve its long-term sustainable growth despite a short-term pressure on profitability."
China Telecom, also the country's No. 3 mobile carrier, became Apple's iPhone partner in March and sold iPhone 4S to subscribers of its CDMA (code division multiple access) network.
Morgan Stanley still upgraded China Telecom's rating because it considered China Telecom's weak performance is "short-term" and its mobile and fixed-line businesses will fuel the carrier's revenue in the long term.
China Telecom, the country's biggest fixed-line carrier, posted a 6.5 percent decrease in first-quarter net profit to 4.27 billion yuan (US$677 million), compared with 4.45 billion yuan estimated by analysts.
"After the launch of iPhone 4S, the group stepped up its input in marketing," said Wang Xiaochu, chairman of China Telecom. "It is expected to significantly improve its long-term sustainable growth despite a short-term pressure on profitability."
China Telecom, also the country's No. 3 mobile carrier, became Apple's iPhone partner in March and sold iPhone 4S to subscribers of its CDMA (code division multiple access) network.
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