America Movil pursues SpaceX deal, shares up after strong third quarter (updated)

America Movil SAB de CV

16/10/2024 17:50

(Recasts with information and comments from earnings call)
       MEXICO CITY, Oct 16 (Reuters) - 
    Mexican telecommunications giant America Movil  AMXB.MX  is
exploring an agreement with tycoon Elon Musk's SpaceX space
technology company to expand collaboration between the two
companies, executives said on Wednesday.
  
        During a press conference to present earnings results
for the third quarter, America Movil executives explained that
the deal would allow SpaceX to connect to its main mobile
services network. The tie-up would be on top of a service
agreement that the telecommunications firm already has with
SpaceX satellite internet unit Starlink.
  
    America Movil  AMXB.MX  shares were up around 2.5% after the
earning's call, extending morning trading gains after the
company reported on Tuesday that it had more than tripled its
quarterly profit as a weaker peso boosted its earnings abroad
along with lower financing costs.
    America Movil is also on track to fulfill its capital
expenditure forecast for this year of about $7 billion, CFO
Carlos Garcia said during the call.

 (Reporting by Aida Pelaez-Fernandez and Noe Torres; Editing by
Kylie Madry and David Alire Garcia)
 ((Aida.Pelaez-Fernandez@thomsonreuters.com;))