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China Mobile Profit Misses Estimates as Costs Rise

China Mobile Ltd., the world’s biggest phone carrier by market value, posted third-quarter profit that missed analysts’ estimates as it spent more on sales promotions to win new subscribers.

Net income increased 3.5 percent to 29.6 billion yuan ($4.5 billion) from 28.6 billion yuan a year earlier, according to figures derived from nine-month earnings reported by the Beijing-based company today. Profit was expected to be 30 billion yuan, according to the average of eight analyst estimates compiled by Bloomberg News.