China Mobile forecast uptake of 5G users to slow in H2 2024 after adding 49 million network customers in the first half, taking its total to 514 million.

The world’s largest mobile operator by subscribers set the target of signing up 31 million new 5G network users in the July to December period, bringing net additions for the year to 80 million. The year-on-year growth rate in H1, more than four years after first launching 5G service, was above 30 per cent.

In its earnings release, the company highlighted 5G data usage at 20.7GB a month was 33 per cent higher than its overall average, which was steady from a year earlier at 15.5GB.

Chair Yang Jie noted the evolving external environment “has introduced growing adverse impacts, while effective demand has persistently remained inadequate”. However, he added the macroeconomic outlook continues to improve.

Despite deploying an additional 351,000 5G base stations in H1, taking its total to 2.3 million, the operator cut capex 21.3 per cent to CNY64 billion ($8.9 billion). It earmarked CNY173 billion for the full year, down from CNY180 billion in 2023.

Yang said it deployed commercial 5G-Advanced in more than 280 cities.

Mobile service revenue was broadly flat at CNY302.9 billion, and ARPU fell 2.7 per cent to CNY51. Sales of products and services were up 6 per cent to CNY83.6 billion.

Its overall mobile user base edged up 1.5 per cent to just over 1 billion.

Cloud revenue grew 19.3 per cent to CNY50.4 billion.

Net profit rose 5.3 per cent to CNY80.2 billion, with operating revenue up 3 per cent to CNY546.7 billion.