Johannesburg - MTN [JSE:MTN] on Thursday reported a slower-than-expected 1% increase in subscribers for the third quarter, hit by strong competition in key markets such as Nigeria and Iran.
MTN, Africa's largest mobile operator, said in a statement it had 203.8 million subscribers at the end of September, from 201.5 million three months earlier.
MTN, which operates in 22 countries in Africa and the Middle East, said the number of subscribers in Nigeria, Africa's most populous country, increased by 0.6% to 55.6 million.
"The third quarter has been characterised by lower-than-anticipated subscriber growth following ongoing price competition and subscriber registration requirements across a number of markets," CEO Sifiso Dabengwa said in a statement.
MTN said conditions would remain challenging in its home market of South Africa, where it faces tough competition from local rivals Vodacom and unlisted Cell C.
The telecoms regulator said this month it planned to cut by 75% the fees mobile operators can charge rivals to use their network.
Analysts have said the change would be a blow to MTN's revenue. The company said it continued to discuss the proposed changes with the regulator.
MTN said the number of South African subscribers increased by just under 1% to 25.2 million.
Iran saw a decrease of 1.7% to 41.3 million, hurt by a weakening economy and an increased push by MTN's main competitor.
Shares of MTN fell 1.2% to R198.78, underperforming a 0.3% increase in the benchmark Top 40 index.
MTN, Africa's largest mobile operator, said in a statement it had 203.8 million subscribers at the end of September, from 201.5 million three months earlier.
MTN, which operates in 22 countries in Africa and the Middle East, said the number of subscribers in Nigeria, Africa's most populous country, increased by 0.6% to 55.6 million.
"The third quarter has been characterised by lower-than-anticipated subscriber growth following ongoing price competition and subscriber registration requirements across a number of markets," CEO Sifiso Dabengwa said in a statement.
MTN said conditions would remain challenging in its home market of South Africa, where it faces tough competition from local rivals Vodacom and unlisted Cell C.
The telecoms regulator said this month it planned to cut by 75% the fees mobile operators can charge rivals to use their network.
Analysts have said the change would be a blow to MTN's revenue. The company said it continued to discuss the proposed changes with the regulator.
MTN said the number of South African subscribers increased by just under 1% to 25.2 million.
Iran saw a decrease of 1.7% to 41.3 million, hurt by a weakening economy and an increased push by MTN's main competitor.
Shares of MTN fell 1.2% to R198.78, underperforming a 0.3% increase in the benchmark Top 40 index.