America Movil Reports Strong Q3 Earnings Growth

America Movil reported a significant 217% increase in net profit for Q3 2024, totaling 6.43 billion Mexican pesos ($326.37 million), benefitting from a weaker peso and reduced financing costs. Company revenues rose nearly 10% year-on-year to 223.46 billion pesos ($11.35 billion), although this fell short of analyst expectations. The telecom giant added 1.8 million subscribers during the quarter, with 1.4 million being postpaid customers, primarily from Brazil, Colombia, and Mexico. Despite challenges, including disconnections in Brazil and Mexico, America Movil's total wireless subscriber base reached 315.8 million. Core earnings (EBITDA) rose by approximately 12%, supported by improved service revenue growth of 11.3%. The weak peso played a crucial role in enhancing foreign earnings, as it depreciated over 13% against the U.S. dollar compared to the previous year.