The Globe Group has marked a momentous achievement, closing the first nine months of 2023 with a record-breaking consolidated service revenue of ₱121.1 billion, showcasing a robust 3% growth from the previous year. This outstanding performance is especially noteworthy considering the prolonged macroeconomic challenges faced by the industry. The Group’s success story is attributed to the stellar contributions from mobile, corporate data, and non-telco services, effectively offsetting the anticipated decline in home broadband.
Mobile Business Shines Bright
Mobile business revenues surged to a record ₱83.2 billion by the end of September 2023, demonstrating a commendable 3% increase compared to the same period last year. This success underscores the relevance of Globe’s data-centric value offers in the face of continued inflationary pressures. Notably, mobile revenues constituted 69% of the total consolidated service revenues, boasting a robust customer base of 54.7 million.
Mobile data revenues soared to ₱67.0 billion, indicating a 7% increase from the previous year, driven by a significant rise in mobile data traffic, which reached 4,360 petabytes. This surge was fueled by increased consumption of high-bandwidth online content over smartphones. While mobile data now accounts for 81% of mobile revenues, traditional mobile voice and SMS revenues experienced a slight decline.
Evolution of Home Broadband and New Ventures
Despite a 7% decline in Home Broadband revenues, the company witnessed positive momentum in postpaid fiber services, balancing the fall in fixed wireless products. The shift towards wired connectivity has led to close to 85% of Home Broadband revenues coming from Fiber customers. The introduction of GFiber Prepaid has garnered positive customer feedback, emphasizing affordability, a digital experience, and the ease of using GCash for transactions.
The Group’s diversification into various sectors such as fintech, virtual healthcare, e-commerce, and more has resulted in exceptional growth, with non-telco revenues soaring by 44% to ₱4.1 billion, reflecting the company’s commitment to innovation and expansion beyond traditional telecom services.
Strategic Investments and Technological Advancements
Globe’s commitment to technological advancement and seamless connectivity was evident in its strategic investments. The company allocated ₱54.0 billion in capital expenditure, primarily for data requirements, new cell sites, LTE upgrades, and the deployment of fiber-to-the-home (FTTH) lines. The relentless pursuit of expanding 5G technology resulted in the deployment of 716 new 5G sites, significantly enhancing outdoor coverage to nearly 98% in the National Capital Region and key cities in Visayas and Mindanao.
Global Connectivity Redefined
Globe’s expansion of 5G partnerships to 156 global collaborators across 82 destinations has redefined global connectivity. Customers, both local and inbound roamers, can now experience high-speed 5G services in more destinations, showcasing the company’s commitment to delivering a superior network experience worldwide.
A Vision for a Digitally Inclusive Philippines
Ernest L. Cu, President and CEO of Globe Telecom Inc., reiterated the company’s commitment to innovation, collaboration, sustainability, and service excellence. The focus on these imperatives aims to drive a digitally inclusive and prosperous Philippines, positioning Globe as a leader in pioneering technological advancements and customer-centric solutions.
In conclusion, Globe’s unwavering dedication to network excellence, coupled with a strategic approach to diversification and innovation, reinforces its position as a frontrunner in the telecommunications industry. The company’s focus on providing cutting-edge solutions and expanding its global footprint solidifies its vision of creating a connected and digitally empowered future.