This is according to the Postal and Telecommunications Sector Performance Report for the second quarter of 2019.
The report hints the possibility of NetOne taking advantage of the ground which is being lost by the nation's mobile operator giant.
Said the report, "Econet lost revenue market share by 1.1%; Net One gained market share by 1.1% whereas Telecel's market share remained unchanged.
"In terms of market share of mobile stations, NetOne enjoys 43% of the 2G technology, 34% of the 3G technology and 29% for Long Term Evolution."
In terms of mobile money transactions, NetOne subscribers increased by 7.3% from 312 223 to 335 132.
During the period under review, mobile operators recorded an overall decline in capital expenditure of 93 % to record $1,5 million from $23 million recorded in the first quarter of 2019.
Observes the report, "Investment is cyclical and the current huge decline in capital expenditure may be attributed to the transition from the multicurrency system as business adopts a ‘wait and see' approach as well as the credit squeeze."
The market share growth comes at a time when NetOne recorded a US$10 million profit in the financial year ending 2018. The performance signifies a departure from a loss position of US$77 million in the previous year driven by an increase in revenue and improved efficiency.
Company chief executive, Lazarus Muchenje attributed the recovery trajectory to cost containment measures which resulted in a 21% decline in overheard margins.
NetOne's revenue grew 13% to US$119,2 million with a historic $88 million turnaround from a loss position of $77 million in 2017.
The mobile firm's financial service platform, OneMoney, recorded a 2,5% growth in market share, achieving 1,2 million subscribers.
The company opened 628 franchise shops to complement its existing network of 34 NetOne shops across the country.
