FILE PHOTO: The logo of America Movil is pictured on the wall of a reception area in the company’s corporate offices in Mexico City, Mexico, May 18, 2017. REUTERS/Edgard Garrido/File Photo
MEXICO CITY (Reuters) – America Movil, Mexico’s largest telecommunications provider, shed light on its plans to roll out 5G technology in Latin America on Wednesday as the company’s shares surged on a strong earnings report.
America Movil shares rose as much as 6% to 16.72 pesos, the highest since July 2018. The company controlled by the family of Mexican billionaire Carlos Slim reported a 63% increase in fourth-quarter net profit on Tuesday, helped by reduced costs and strong gains in postpaid customers.
For 2020, America Movil will focus on rolling out 5G technology in Latin America, Chief Executive Daniel Hajj said on a call with analysts. The technology will likely debut in Mexico this year and may arrive in Brazil as well, depending on the availability of spectrum, Hajj added.
Source Reuters Tech News