America Movil's (AMX) Q1 Earnings & Revenues Decrease Y/Y

About this update from America Movil Sab De Cv Class B

America Movil, S.A.B. de C.V. AMX reported net income per ADR of 25 cents for first-quarter 2024, which decreased from 51 cents reported in the prior-year quarter.Net income in the quarter was Mex$13,494 million or Mex$0.22 per share compared with Mex$30,146 million or Mex$0.48 per share in the year-ago quarter. The downtick was caused by the sale of towers by the Dominican Republic and Peru in the prior-year quarter.The company had a comprehensive financing cost of Mex$13,708 million against the year-ago quarter’s comprehensive financing income of Mex$374 million.RevenuesTotal quarterly revenues decreased 2.7% to Mex$203,298 million due to poor performance in the Equipment business segment. Also, unfavorable foreign currency movements were headwinds.Service revenues were Mex$170,890 million, up 1.1% year over year. Equipment revenues totaled Mex$29,963 million, down 4.1% year over year.America Movil gained 1.5 million wireless subscribers in the first quarter. This figure includes 1.3 million postpaid subscribers. Brazil, Austria and Columbia were the primary contributors to the postpaid subscriber growth. The company had 311.6 million wireless subscribers at the first-quarter end.On the fixed-line, Broadband and Television platforms, the company ended the quarter with 74.1 million revenue-generating units.The telco operates in multiple regions, namely Mexico, Brazil, Colombia, Peru, Ecuador, Argentina, Central America, the Caribbean, Austria and Other European countries.Of these countries, Peru witnessed a year-over-year revenue decline of 33.4% to 1,607 million Soles. The downtick was driven by lower equipment revenues.Argentina’s revenues came in at ARS 305,412 million, down 16.6% from the year-ago quarter. The downside was caused by declining service, equipment lines and wireless revenues. The reported data for Argentina are presented in line with IAS29, reflecting the implications of inflationary accounting, as the Argentinean economy is projected to be hyperinflationary for the first quarter of 2024. The company also stated that Argentina would be left out of all comparisons for consolidated data at constant exchange rates to maintain consistency.Colombia’s revenues increased 1.5% to COP 3,793 billion, owing to an increase in fixed-line revenues.Revenues from Mexico, Brazil, Austria and Other European regions witnessed year-over-year growth of 7.1%...

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