China Mobile Q1 Revenue Up 1% as 5G Slows

China Mobile reported Q1 2026 operating revenue of 266.5 billion yuan, a 1% YoY increase, meeting analyst estimates.
EBITDA fell 5% YoY, missing expectations, prompting management to emphasize efficiency improvements to boost competitiveness.
5G base station additions slowed, with only 49,000 new stations in March 2026 and analysts cutting 2026‑27 rollout forecasts.
Goldman Sachs remains positive on China Mobile’s computing services growth, citing strong intelligent computing and expanding cloud video user base.