America Movil, S.A.B. de C.V. (NYSE:AMX) Q3 2023 Earnings Conference Call October 18, 2023 11:00 AM ET

Company Participants

Daniela Lecuona - Head of Investor Relations

Daniel Hajj Aboumrad - Chief Executive Officer

Carlos Garcia Moreno - Chief Financial Officer

Oscar Von Hauske - Chief Fixed Line Operations Officer

Conference Call Participants

Victor Tomita - Goldman Sachs

Walter Piecyk - LightShed

Marcelo Santos - JPMorgan

John Ho - Mizuho

Soomit Datta - New Street Research

Cesar Medina - Morgan Stanley

Alejandro Azar - GBM

Phani Kanumuri - HSBC

Andres Cardona - Citi

Till Moewes - Schroders

Jesus Romo - GlobalData

Alejandro Lavin - Santander

Operator

Good morning. My name is Daisy and I'll be your conference operator today. At this time, I would like to welcome everyone to the America Movil Third Quarter 2023 Conference Call and Webcast. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. [Operator Instructions] Thank you.

Now I will turn the call over to Ms. Daniela Lecuona to begin, Head of Investor Relations. Please go ahead.

Daniela Lecuona

Thank you so much. Good morning, everyone. We're very happy to host this call this morning to discuss our third quarter financial and operating results. We have in the room Mr. Daniel Hajj, CEO; Mr. Carlos Garcia Moreno, CFO; and Mr. Oscar Von Hauske, COO.

Daniel Hajj Aboumrad

Hi. Good morning. Thank you, Daniela. Thank you for being in this third quarter financial and operating report. And Carlos is going to make a summary of the results.

Carlos Garcia Moreno

Thank you, Daniel. Good morning, everyone. Well, buoyed by strong US economic data, particularly on employment levels and recently also on consumer spending and lingering inflation concerns, 10-year dollar interest rates shot up by approximately 80 basis points over a 10-week span in the third quarter to 4.6% at the end of September, driving another bout of dollar strengthening.

By the end of the quarter, there was practically no more hope that interest rates would decline in the latter part of the year and there was instead preoccupation that the Fed was still not done raising interest rates. As you can see in the market, the rates have continued to go up through today and they are about to close to reaching 5% on the 10-year tenure.

We added nearly 3 million wireless subscribers in the third quarter of which 2 million were postpaid clients, 1.2 million in Brazil, 460,000 in Austria, which includes IoT devices from A1 Digital, 104,000 from Colombia, and 93,000 from Mexico.