STC Down 29% Mobily Up 49% First Quarter 2010

Saudi Telecom Company STC, suffers a 29% fall in first quarter 2010. This is in my opinion strongly linked with the overbilling of thousands of customers – without proper reimbursment – following¬†the adoption of a new¬†billing system, made in India. Although the original article attributes the problem to the worldwide economic crisis, it looks more likely that defrauded customers punished STC by switching to Mobily who’s results have jumped 49% for the same period.

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