Globe reported a 27% drop in net income in the first semester, caused by an increase in expenses.
However, the Globe Group’s consolidated service revenues grew by 2% to P80.4 billion for the first half of 2023, driven by the data revenue growth across mobile and corporate data businesses.
Total data revenues as of the period reached P65.9 billion, increasing its contribution to the topline from 81% last year to 82% this period.
“We were consistent in delivering revenue growth on our mobile and corporate data businesses,” said Ernest Cu, president and CEO of Globe Telecom Inc. “More notably, we outperformed the industry with the upbeat growth trajectory of our digital solutions platforms.”
Mobile data revenues
During the first half, Globe’s mobile business revenues, mostly from its prepaid business, were at P54.8 billion, a 1% increase compared to P54 billion from the previous year. Total mobile revenues comprised 68% of the total consolidated service revenues, with the total mobile customer base ending at 82.9 million for the first six months of the year.
Globe also reported that it lowered its capex by 25%, amounting to P37.7 billion. Approximately 90% of this amount is earmarked for data requirements, recognizing the increase in mobile data usage in the country owing to the carryover effects of the pandemic on online transactions, including shopping and financial services. Mobile data traffic continues to grow steadily, reaching 2,814 petabytes as of the end of June 2023, higher than the 2,177 petabytes reported in the previous year.
Globe’s mobile data revenues stood at P44 billion for the first half of 2023, up 5% from the P41.8 billion from a year ago. Mobile data now accounts for 80% of mobile revenues, up from 77% last year. Traditional mobile voice and SMS revenues ended at P6.8 billion and P4 billion, respectively, lower year-on-year by 13% and 10%.