Globe Hits P13 Billion Net Income, ‘Mobile Business Remains Strong’: Cu

In a virtual briefing, Globe President and CEO Ernest Cu announced Globe’s 86% improvement compared to 2021, now hitting a ” significantly” higher net income of P13 billion. The telco company’s consolidated service revenue also rose to 4% higher than the previous year, reaching an “all-time” high of P39.2 billion. Data consumption still serves as the main driver of Globe’s growth, as said by the company last Friday.

Globe explains most of its revenue is largely due to the continuous growth of data in mobile, corporate, and broadband. “Mobile business of Globe remains very strong and dominant. With a bit of opening of the economy, lowered alert levels, our mobile business rebound quite strongly,” Cu states. The company also spent P21 billion on its capital expenditure which also rose 10% from the previous year. 82% of its capital expenditures were used for data-related requirements.

Although its Home Broadband division fell around 4% from P7.4 billion now to 7 billion due to users’ migration from Home Prepaid Wifi (HPW) to fiber, Globe’s non-telco companies like Yondu, AdSpark, Asticom, and ECPay were able to rise by 252% to about P800 million in its first quarter. Meanwhile, the popular e-Wallet service GCash has also played a big factor in Globe’s portfolio with its 60 million registered users.

Cu states, “Growth continues to be driven by data, but is now complimented by the improving performance of our non-telco services. This is a testament to a strategic push of going beyond telco to cultivate a robust digital ecosystem.”

Kroma Entertainment has also been planning its Pinoy Interactive Entertainment (PIE), its new project in collaboration with ABS-CBN and Beam, which is expected to launch on May 23. “We saw a gap in the market in terms of broadcast, that’s why Kroma was launched. Kroma will hopefully change the way broadcast TV is consumed in the Philippines with the interactivity component that they will be injecting,” Cu says.

Source: ABS CBN News