Globe records P41.1bn in revenues for Q1 driven by strong mobile, corporate data revenues
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Robust growth in data revenues for Q1 boosts Globe’s revenues to P41.1 billion, up 3% YoY
Despite the decline in home broadband and non-telco services, strong performance from mobile and corporate data businesses helped grew Globe’s consolidated gross service revenues by 3% to 41.1 billion in the first three months of 2024.
Amidst the challenging economic conditions impacting consumer spending, Globe’s mobile business exhibited unwavering growth, recording P29.1 billion in revenues as of end-March 2024, or up 8% from last year’s #27.1 billion. Mobile data revenues grew by 10% to P23.8 billion for the three-month period this year, from P21.7 billion a year ago. This was mainly fueled by the Filipinos’ increasing reliance on mobile devices for various activities such as online shopping, streaming media, and engaging in social media. The widespread use of smartphones and the growing popularity of data-intensive applications have further contributed to this revenue growth. In the same period, mobile data traffic soared to 1,610 petabytes, up from 1,352 petabytes reported in the same period of 2023. Mobile data now accounts for 82% of mobile revenues from 80% last year. Conversely, traditional mobile voice and SMS revenues ended at P3.4 billion and P1.9 billion, lower year-on-year by 2% and 3%, respectively.
Mynt, Globe’s fintech arm, maintained its upward momentum, further solidifying its position as the largest cashless ecosystem in the Philippines. GCash remains the preferred choice, empowering an increasing number of Filipinos with a diverse range of digital financial tools and services, resulting in significant growth in both user base and profitability.
“Our financial performance for the first quarter exceeded expectations, with an impressive 52% EBITDA margin, indicating a positive start of the year and building momentum going into the coming quarters,“said Ernest L. Cu, President and CEO of Globe Telecom Inc.
