China Mobile drop 5.52 percent to HK$70.20

According to a report by Reuters, China Mobile slid 5.52 percent down to HK$70.20 ; 1st quarter earnings growth slowed to 5% which has made analysts lower their forecasts for China Mobile the world’s largest wireless provider.

Apparently JP Morgan cut their profit estimate for 2009 by 4.8% and to factor in lower usage and revenue per user assumptions, 9% for 2010.

So it would appear that even the world’s largest wireless carrier is facing problems in today’s economic climate. Having said that, I’m sure this won’t affect China Mobile too much.

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