Asia Tech Wire (Oct 29) -- Regarding recent market rumors that China Mobile plans to lay off more than 10% of its workforce, an insider at China Mobile said the news is untrue.

The source said, "It is impossible for China Mobile to have such a large-scale layoff move."

The news of layoffs circulated as China Mobile reported total revenue of 244.714 billion yuan for the third quarter of 2024, a year-on-year decline of 0.1%.

As one of China's three state-owned telecom operators, China Mobile disclosed in September that it had 1.004 billion users, including 539 million on its 5G network.