America Movil pursues SpaceX deal, shares up after strong third quarter

MEXICO CITY (Reuters) -Mexican telecommunications giant America Movil (NYSE:AMX ) is exploring an agreement with tycoon Elon Musk's SpaceX space technology company to expand collaboration between the two companies, executives said on Wednesday.

During a press conference to present earnings results for the third quarter, America Movil executives explained that the deal would allow SpaceX to connect to its main mobile services network. The tie-up would be on top of a service agreement that the telecommunications firm already has with SpaceX satellite internet unit Starlink.



America Movil shares were up around 2.5% after the earning's call, extending morning trading gains after the company reported on Tuesday that it had more than tripled its quarterly profit as a weaker peso boosted its earnings abroad along with lower financing costs.

America Movil is also on track to fulfill its capital expenditure forecast for this year of about $7 billion, CFO Carlos Garcia said during the call.

Source: Investing.com