America Movil to trim 2024 capex to $7 billion after strong spending

Mexican telecommunications giant America Movil said on Wednesday it expected capital expenditure of around $7 billion this year, following years of significant spending on buying spectrum and refreshing its network infrastructure. In a call with analysts, finance chief Carlos Garcia said the reduced capex was the result of significant prior spending on wireless infrastructure. The capex changes will allow for a better budget on America Movil's broadband operations, he said, noting that customers were reacting well to combining internet packages with membership to streaming platforms.