China Mobile beat analyst expectations by increasing its net profit 32 percent, thanks to some 68 million new subscribers added during 2007. Net profit grew to about $12.32 billion for the year. Subscribers totaled 369.34 million at the end of 2007, up from 301.23 million at the end of 2006.
"The continued rapid growth in China's economy, rising consumer purchasing power and the development of the rural economy is driving tremendous demand for communication and information services," said China Mobile chairman and CEO Wang Jianzhou.
For more on China Mobile's growth:
- read this article from the WSJ (sub. req.)