Globe grows 9-month revenues to P118B

Globe Telecom Inc. ended the first nine months of the year with higher revenues that surpassed its pre-pandemic performance on the back of all-time high spending that supported its aggressive network buildup.

In a report over the weekend, Globe said consolidated service revenues hit another record at P118 billion, up 3 percent year-on-year fueled by a boom in corporate data and mobile services and supplemented by the sustained growth from non-telco services.

“We are pleased with the Globe Group’s performance amid the challenging economic climate and rapid changes in our industry. We believe that our decision to pivot and expand our growth opportunities through non-telco services has paved the way for us to remain relevant and competitive,” Globe president and CEO Ernest L. Cu said.

“We will stay committed to our promise to improve our network and come up with new products and services to meet the changing needs of the market and support Filipinos’ digital enablement. Looking ahead, we are confident that our digital transformation will enhance shareholder value and unlock Globe’s sustainable growth trajectory,” he added.

Fiber revenues

However, despite the improvement in fiber revenues, the home broadband business slid further during the first quarter, which brought its total revenues from January to September to only P20.5 billion from P22.4 billion a year ago.