Globe sees rise in net income to PHP 18 billion in January-September period

Globe Telecom saw its net income grow by 13 percent to PHP 18 billion in the first nine months of 2021 following the strong performance of its fixed and wireless businesses.

Globe posts higher profit

Globe witnesses better financials in first nine months

The telco's consolidated service revenues reached PHP 113.6 billion, 4 percent higher than a year ago.

The rising data consumption and broadband usage in the country remain the biggest driver for this period's improved topline, Globe Telecom said.

Mobile data revenues recorded in the period hit PHP57.9 billion, up from the PHP53.7 billion booked a year prior as mobile data traffic soared to 2,730 petabytes against the previous 1,762 petabytes.

Globe said it built 1,080 new cell sites and deployed more than one million fiber-to-the-home lines.

As of end-September, Globe already spent a "record-level" capital expenditures of PHP 65.4 billion.

Aside from its core business, Globe is aiming to transform into a digital solutions group, expanding its reach in fintech, healthtech, AdTech, e-commerce, among others.

We believe that our strategy to use the telco business as a platform to become a digital solutions group... will embolden us to launch more potential unicorns in the near term and pave the way for us to become a leader in the digital space, its president Ernest Cu said.

Source: ABS-CBN