Globe saw growth in revenue for the first nine months of 2024, largely due to mobile and corporate data services. The company reported P124 billion in gross service revenues, a 2% increase year-over-year, driven by rising data demand among both consumers and corporate clients.
“Our resilience and agility have propelled us forward,” said Ernest Cu, President and CEO of Globe, referring to the company’s adaptability in the face of evolving technology and changing customer needs. “The robustness of our business model is evident in the impressive EBITDA we’ve achieved.”
Mobile services played a role in Globe’s performance, contributing P87.7 billion, up from P83.2 billion a year earlier. Mobile data use rose significantly as users relied on apps for a variety of online activities. Mobile data alone generated P72.9 billion in revenue, a 9% increase from last year. Data now accounts for 83% of mobile revenue, reflecting the trend of users moving away from traditional mobile voice and SMS in favor of data-driven communication.
Globe’s corporate data business posted a revenue record of P15.5 billion, a 14% increase year-over-year. This growth was fueled by increased demand for digital solutions, such as business applications solutions (BAS), which saw a 31% rise. Globe’s tailored services for enterprise clients also played a key role in the continued growth of its corporate data offerings.
However, home broadband services faced challenges. Revenues fell by 6%, reflecting a shift from fixed wireless to fiber connections, which consumers perceive as more reliable. Globe’s fiber services grew by 2%, partly offsetting the broadband decline. GFiber Prepaid (GFP), a flexible prepaid fiber option, saw subscriber growth reach 146,000 — a significant uptick as users increasingly seek affordable, high-speed connectivity.
While non-telecommunications revenue dropped 56% due to the sale of Globe’s stake in ECPay, the company managed to reduce operating expenses by 2%, aided by cost-saving efforts. Globe’s overall earnings before interest, taxes, depreciation, and amortization (EBITDA) increased by 7%, driven by revenue growth and effective cost management.