EconomyThe jewel in Slim's crown, América Móvil, rises in...

The jewel in Slim's crown, América Móvil, rises in the Stock Market

Shares of Mexican telecommunications giant América Móvil advanced on Wednesday after reporting the day before an increase in its net profit for the third quarter that was in line with what analysts anticipated.

Shares of America Movil, the head of tycoon Carlos Slim's business empire, rose 2.81% to 16.84 pesos shortly after the open.

"The figures were in line with what was expected," said Grupo Financiero Banorte, in an analysis note. "Despite the challenges for 2023, we expect resilient demand to translate into slight gains in results, but highlighting higher profitability due to synergies and operating efficiencies."

The company reported on Tuesday, after the close of operations, that in the third quarter its net income rose 4.3% to obtain 23,165 million pesos and its revenues increased 3.1%, mainly driven by its mobile revenues.

Executives from the firm are scheduled to host a call with investors later to discuss their quarterly results.

With information from Reuters.

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