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Second quarter revenues are down for Russian based mobile network operator MTS. The Q2 revenues are down to $2.02 US, that’s down 23% from only a year ago. Slumping revenues are blamed on the also slumping Ruble. MTS has had a rough go of late, especially when you look back at their Q1 loss of $53 million US.
Mikhail Shamolin, President and CEO of MTS commented on the situation:
The Company demonstrated sound results during the quarter on the back of seasonal and organic growth. Despite continuing macroeconomic volatility in Russia and the CIS, strong subscriber additions, a seasonal increase in usage and on-going cost saving initiatives facilitated quarter-on-quarter revenue growth and higher operating margins. As our markets are changing, we are adapting our strategic priorities to meet new challenges and seize opportunities by developing our monobrand retail channel and entering the broadband market to deliver wider Internet access, integrated communications services and innovative solutions to our customers.
On the positive side of things, during Q2 MTC managed to do the following:
- Added 2.3 million subscribers in Russia
- Added 0.6 million subscribers in Uzbekistan
- Added ~128,000 subscribers in Turkmenistan
- Added ~60,000 subscribers in Belarus
Note: MTS also LOST 150,000 subscribers in the Ukraine. Ouch.
[Via: Cellular-News]
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James Falconer
James was born and raised in Winnipeg, Canada. Almost 15 years ago he started out in the 'real world' as a web and graphic designer. Through the years he has finely tuned his skills in SEO, internet marketing, conversion strategy, and project management. To date, he runs his own successful consulting business where he advises companies all over the globe. A co-founder of www.crackberry.com, and sole proprietor of www.mactropolis.com, James in recent years has become very active in the tech blogosphere. Online community building and strategy is fast becoming one of his passions. Watch for James' no frills attitude, unique perspective and to-the-point comments here on IntoMobile!
