China Telecom added 8.35 million subscribers during its second quarter, something attributed to launching the iPhone 4S in March, Bloomberg reports. Net income dropped 10 percent year-over-year from 5.05 billion yuan to 4.55 billion yuan, or $716 million. The figure did however exceed a 4.4 billion yuan median between seven analysts; Telecom says the iPhone should improve long-term growth while putting "short-term pressure" on profit margins, since it is paying high subsidies for each iPhone upfront instead of over the course of a contract.
