China Mobile reports a 7.9 percent profit drop for China Mobile stock

Published on 10/21/2026 at 10:49 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Citi keeps a Buy rating for China Mobile stock. Revenue fell 1.8 percent to RMB 780.3 billion in the first nine months of 2026.

Nine-month results

China Mobile reported RMB 106.2 billion in attributable profit for the first nine months of 2026.
Operating revenue fell 1.8 percent to RMB 780.3 billion in the same period.
Citi maintained a Buy rating and a HKD 97.00 target in its October 21, 2026 report.

China Mobile, HK0941009539, Illustration mit AI erstellt.

China Mobile reported a 7.9 percent decline in attributable profit for the first nine months of 2026, giving China Mobile stock a weaker earnings backdrop. According to China Labour Bulletin on October 20, 2026, profit fell to RMB 106.2 billion while operating revenue decreased 1.8 percent to RMB 780.3 billion.

What did nine months deliver?

The revenue pressure extended beyond the headline figure. Principal-business revenue fell 3.7 percent to RMB 657.7 billion, while earnings before interest, taxes, depreciation and amortization dropped 6.7 percent to RMB 247.5 billion, according to China Labour Bulletin's report on the exchange filing.

Customer growth provided a counterweight. China Mobile had 1.01 billion mobile customers at the end of September, including 702.3 million 5G subscribers, and added 8.89 million mobile users during the first three quarters. The operating scale is still expanding, but the reported figures show that subscriber gains did not prevent lower revenue and profit.

Why did earnings miss expectations?

A report carried by Futu said Citi measured third-quarter operating revenue at RMB 242.3 billion, down 3.4 percent year over year and 2.4 percent below market expectations. Net profit was RMB 27.3 billion, a 12.4 percent year-over-year decline and 5.9 percent below market expectations. Citi kept a Buy rating and a HKD 97.00 target.

The contrast between scale and profitability is the key investor issue. China Mobile's 5G base reached 702.3 million subscribers, yet third-quarter revenue and earnings both declined. The next test is whether computing, artificial intelligence and enterprise services can offset pressure in traditional telecom operations.

Where does the stock stand?

China Mobile's HKEX-listed share was last at HKD 77.55 on October 21, 2026 at 4:08 p.m. HKT. Its market capitalization was HKD 1.6 trillion, and the 52-week range was HKD 75.55 to HKD 88.90, both as of October 21, 2026. The share remains above its 52-week low, but the earnings figures keep the focus on converting network scale into profitable growth.