China Telecom Profit Beats Estimates as IPhone Lures Users
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China Telecom Corp., the country’s biggest fixed-line carrier, posted second-quarter profit that beat analysts’ estimates as the introduction of Apple Inc.’s iPhone lured new users to its wireless unit. The stock climbed.
Net income fell 10 percent to 4.55 billion yuan ($716 million), from a restated 5.05 billion yuan a year earlier, the Beijing-based company said in a statement today. That exceeded the 4.4 billion yuan median of seven analysts’ estimates in a Bloomberg News survey.