América Móvil, S.A.B. de C.V. (NYSE:AMX) Q2 2024 Earnings Conference Call July 17, 2024 11:00 AM ET

Company Participants

Daniela Lecuona - Head, Investor Relations
Daniel Hajj - Chief Executive Officer
Carlos García Moreno - Chief Financial Officer
Oscar von Hauske - Chief Operating Officer

Conference Call Participants

Leonardo Olmos - UBS
Walter Piecyk - LightShed Ventures
Vitor Tomita - Goldman Sachs
Phani Kanumuri - HSBC
Lucca Brendim - Bank of America
Carlos Legarreta - Itau
Daniel Federle - Bradesco BBI
Alejandro Lavin - Santander
Juan Cruz - Morgan Stanley

Operator

Good morning. My name is Kiki, and I will be your conference operator today. At this time, I would like to welcome everyone to the América Móvil Second 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.

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

Daniela Lecuona

Thank you. Good morning, everyone. Thank you for joining us today to discuss our second quarter results.

We have on the line Mr. Daniel Hajj, our CEO; Mr. Carlos García Moreno, CFO; and Mr. Oscar von Hauske, COO.

Daniel Hajj

Thank you, Daniela. Welcome everyone to América Móvil second quarter of 2024 financial and operating report. Carlos is going to make a summary of the results. Hi, Carlos, you can.

Carlos García Moreno

Hello. Thank you, Daniel. Good morning, everyone.

Well, the second quarter of the year got started with an important surge in long-dated U.S. Treasury yields with those in the 10-year tenor advancing 50 basis points in April on the back of unexpectedly strong employment figures. They remained volatile throughout the quarter, closing June at 4.4%, practically the mid-point of the range in which they traded throughout the period.

The Mexican peso, which had withstood well the U.S. interest rate volatility, weakened sharply following the Mexican presidential elections on June 2nd. After months of appreciating vis-a-vis, not only the U.S. dollar, but also practically all the currencies in our region of operation, the Mexican peso was to depreciate against all.

We added in the quarter 2.4 million subscribers, of which 1.8 million were postpaid, with Brazil contributing roughly half, Colombia 183,000, and Mexico 99,000. The numbers you see for Austria also include [indiscernible] machine-to-machine.

In our prepaid platform, we registered 599,000 net additions, with Colombia gaining 261,000 subscribers, followed by Argentina with 191,000.