Globe Achieves All-Time High Service Revenues In First Nine Months Of 2023

The Globe Group reported all-time high consolidated service revenues amounting to ₱121.1 billion in the first nine months of 2023, marking a robust 3% increase from the previous year.

The company's remarkable performance was driven by strong contributions from mobile, corporate data, and non-telecommunication services, which offset the anticipated decline in home broadband revenues. I Photo: Business Wire

This remarkable performance was driven by strong contributions from mobile, corporate data, and non-telecommunication services, which offset the anticipated decline in home broadband revenues.

Globe's non-telecommunication services recorded an impressive 44% year-on-year growth, now accounting for 3.4% of its total consolidated service revenues, up from 2.4% in the previous year.

Total data revenues for the period ending September 30, 2023, reached ₱99.6 billion, contributing 82% to Globe's total revenue, up from 81% in the previous year.

Mobile business revenues reached a record ₱83.2 billion by the end of September 2023, a 3% increase from the same period in the previous year. The strong performance of prepaid brands reflects the relevance of Globe's data-centric value-for-money offerings, allowing customers to enjoy high-quality network services despite inflationary pressures.

Total mobile revenues accounted for 69% of the total consolidated service revenues, with a mobile customer base of 54.7 million in the first nine months of the year (post-SIM registration).

In terms of product breakdown, mobile data revenues amounted to ₱67.0 billion for the first nine months of 2023, a 7% increase from the previous year. Mobile data traffic also increased to 4,360 petabytes by the end of September 2023, up from 3,365 petabytes in the same period in 2022.

This growth was driven by continued consumption of high-bandwidth online videos and social media content on smartphones. Mobile data now accounts for 81% of mobile revenues, up from 78% in the previous year.

Conversely, traditional mobile voice and SMS revenues declined to ₱10.2 billion and ₱6.0 billion, respectively, showing year-on-year decreases of 11% and 10%.

The Home Broadband business generated ₱19.0 billion in revenues by the end of September 2023, a 7% decrease from the previous year's ₱20.5 billion. This decline was primarily attributed to market dynamics.

Globe's total operating expenses, including subsidies, for the first nine months of 2023 amounted to ₱60.4 billion, up from ₱57.6 billion reported in the same period the previous year.

The group continued its efforts to control costs, evidenced by reductions in marketing and subsidies, lease expenses, and provisions.

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