América Móvil, S.A.B. de C.V. (NYSE:AMX) Q1 2024 Earnings Conference Call April 17, 2024 11:00 AM ET

Company Participants

Daniela Lecuona - Head of Investor Relations
Daniel Hajj Aboumrad - CEO & Director
Carlos Garcia Moreno - CFO
Oscar von Hauske - COO

Conference Call Participants

Vitor Tomita - Goldman Sachs
Leonardo Olmos - UBS
Joseph Galone - LightShed
Froylan Mendez - JP Morgan
Fred Mendes - Bank of America
Ernesto Gonzalez - Morgan Stanley
Alejandro Azar - GBM
Gabriela Chaparro - BCP Securities
Soomit Datta - New Street Research

Operator

Good morning. My name is Candice and I will be your conference operator today. At this time I'd like to welcome everyone to the América Móvil First Quarter 2024 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.

I would now like to turn the conference call over to Ms. Daniela Lecuona, Head of Investor Relations.

Daniela Lecuona

Thank you so much. Good morning everyone. We're very excited to have you today on the line discussing our financial and operating results for the quarter. We have Mr. Daniel Hajj, our CEO, Mr. Carlos Garcia Moreno, CFO, and Mr. Oscar Von Hauske, COO.

Daniel Hajj Aboumrad

Good morning. Welcome to the América Móvil First Quarter Financial and Operating Report. And Carlos is going to make a summary of the report. Carlos.

Carlos Garcia Moreno

Thank you, Daniel. Good morning, everyone. Thanks for being in the call. Well, the strong rally in interest rates took place in the latter part of 2023, came to an end in the first quarter. Strong employment readings and other indications of a still vibrant economy, kept pushing back the timing of expected reductions by the Fed of its discount rate and cutting back the expected number of such reductions to be had this year.

The Mexican peso, which had depreciated slightly versus the Dollar at the beginning of the year, rubbed off the interest rate increases and resumed its appreciating trend gaining ground versus the dollar and all other currencies in our region of operations.

In the first quarter, we added 1.5 million wireless subscribers of which 1.3 million were postpaid clients, including Brazil with 555,000, Austria with 260,000, Colombia with 126,000, and Mexico with 105,000. On our prepaid platform, we gained 263,000 subscribers in the period. Colombia added 378,000, followed by Argentina with 226,000, and Brazil with 146,000. On the other hand, we disconnected 584,000 subscribers in Central America, mostly on account of a cybersecurity incident that affected our ability to activate clients.