China Unicom, a Chinese telecom giant, witnessed a surge in net profits in Q1, on the back of innovation efforts.

China Business Service
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China Unicom, a Chinese telecom giant, witnessed a surge in net profits in Q1, on the back of innovation efforts.

The company made 274 million yuan (about $40 million) net profit in the first three months, up 88.3 percent year-on-year, according to its first quarter report released over the weekend.

Facing fierce competition, the Shanghai-listed company saw fast growth of its businesses such as cloud computing, video and Internet of Things, offsetting waning revenue from fixed-line voice business.

The number of mobile phone subscribers of the company increased by 2.44 million in the first quarter to 266 million, it said.

China Unicom, a Chinese telecom giant, witnessed a surge in net profits in Q1, on the back of innovation efforts.（Source from Chinadaily）