Globe Telecom's Q1 profit rises to PHP 7 billion, thanks to GCash

Globe Telecom Inc. saw its earnings in the first quarter inch up by 3 percent to PHP 7 billion, thanks to the robust operations of Mynt—the parent firm of leading mobile wallet GCash.

File photo: Globe and GCash logos

Mynt contributions lifted Globe's Q1 2025 profit

In an earlier statement, the telco giant said Mynt chipped in PHP 1.8 billion to the group’s bottom line, soaring by 86 percent from a PHP 962 million contribution a year ago. This, as the company continued to grow its user base.

Mynt's contribution accounted for 22 percent of Globe Telecom’s pre-tax net income, an improvement of 11 percent in the same quarter last year.

Globe Telecom has been aggressive in positioning itself in other industries, such as financial technology, virtual healthcare, and e-commerce, among others.

With a customer-first mindset, a strong sense of purpose, and a drive for operational excellence, we are confident in our ability to create long-term value and lead in this dynamic digital landscape, said Carl Raymond Cruz, president and CEO of Globe Telecom.

Zooming in on its core business, revenues of its mobile business dipped by 3 percent to PHP 28.3 billion, representing 71 percent of the total service revenues.

Mobile data traffic also declined by 5 percent to 1,537 petabytes.

The group explained that the drop in mobile data usage could be attributed to the work and class suspensions due to the high heat levels and the transport strike during the period.

Given this, mobile data revenues ended flat at PHP 24.1 billion. The figure, however, remained strong as it accounted for 85 percent of the total mobile revenues.

Home broadband revenues, meanwhile, stood at PHP 5.8 billion, 5 percent down as more customers shifted to fiber services.

Corporate data revenues also fell by 2 percent to PHP 4.9 billion.

In the first three months of the year, the company spent PHP 8.5 billion on network expansion to improve its services.