Analyst Note
| Dan Baker |Narrow-moat KDDI’s first-quarter fiscal 2022 result (quarter ending June 2022) was solid with revenue and subscriber growth prioritized over profit. Revenue increased 4.0% with operating profit declining 0.8% and net profit up 1%. KDDI’s first-quarter results were boosted by a temporal accounting effect in is financial business relating to home mortgages which added around JPY 18 billion to operating profit.