Telenor said it had made “significant investments” in its home market during the third quarter of 2012, including the launch of LTE services in 11 cities, while acknowledging “challenges” in its operations in Bangladesh and Hungary. It also noted “profitable growth fuelled by smartphones and mobile data demand” in Serbia, Sweden and Thailand. The company announced a profit for the quarter of NOK3.65 billion (US$634.1 million), up from NOK2.59 billion, on revenue of NOK25.25 billion, up from NOK24.63 billion.