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Thursday, August 17, 2023

GLOBE ANNOUNCES SECOND QUARTER & FIRST HALF 2023 RESULTS: A Closer Look at the Growth and Achievements

In the fast-paced world of telecommunications, staying ahead in the game requires not only innovation but also a strategic approach that takes into account market trends, customer needs, and sustainable growth. Globe Telecom Inc., a prominent player in the industry, has recently released its second-quarter and first-half 2023 results, showcasing remarkable achievements and sustained growth despite the challenges of the macroeconomic environment.

Healthy Top Line Growth and Record Revenues

Globe Group's consolidated service revenues witnessed a 2% rise to a remarkable ₱80.4 billion in the first half of 2023. This healthy top-line growth can be attributed to the steady rise in data consumption across both mobile and corporate data businesses. The company's commitment to providing quality service and innovative solutions reflects in its ability to maintain stable revenues year-on-year.

The Role of Data Consumption in Revenue Growth

A significant portion of the growth can be attributed to the robust contribution of non-telco services, which now account for 3.5% of total gross service revenues. With total data revenues amounting to ₱65.9 billion for the first half of the year, it's evident that data consumption remains a driving force behind the topline growth. This contribution increased from 81% last year to an impressive 82% this period.

Mobile Business Revenues and Growth

The mobile business sector proved its resilience by posting revenues of ₱54.8 billion, showcasing a 1% increase compared to the previous year. Despite inflationary pressures that weren't present in the same period last year, the wireless segment experienced revenue growth. This growth can be attributed to the return to pre-pandemic levels of public mobility, indicating a promising trend in data habituation among Filipinos.

The Dominance of Mobile Data Revenues

Mobile data revenues surged to a record ₱44.0 billion for the first half of 2023, representing a 5% increase from the previous year. The growing popularity of streaming and user-generated content on social media platforms continues to drive mobile data traffic, which reached an impressive 2,814 petabytes by the end of June 2023. This shift towards mobile data is evidenced by the fact that mobile data revenues now account for 80% of mobile revenues.

The Role of Core Net Income

In terms of net income, Globe reported a 14% growth in normalized net income, reaching ₱10.0 billion for the first half of 2023. This growth is particularly impressive considering the similar macroeconomic backdrop against which this performance was achieved. It's important to note that the core net income, which excludes non-recurring charges, foreign exchange, and mark-to-market charges, also showed a 22% sequential growth.

Commitment to Connectivity and Sustainability

Globe's strategic focus on connectivity and innovation shines through in its ongoing investment in capital expenditure (capex). With a commitment to making fiber-speed internet accessible to all Filipinos, Globe launched GFiber Prepaid, a revolutionary offering that democratizes access to fiber connectivity. This initiative aligns with the company's broader vision of expanding its digital solutions platforms beyond traditional telecommunications services.

Recognition and Awards

Globe's dedication to providing reliable connectivity has been recognized globally. The company was named the "Most Reliable Mobile Network in the Philippines" for the fifth consecutive time by Ookla®, a leader in fixed broadband and mobile network testing. Additionally, Globe was hailed as the "Most Consistent Fixed Broadband" in several areas in Metro Manila and provinces across the country for the second quarter of 2023.

Looking Forward

Ernest L. Cu, President and CEO of Globe Telecom Inc., expressed confidence in Globe's future performance. He highlighted the company's consistent revenue growth and its industry-leading trajectory in digital solutions platforms. As Globe continues to adapt to the evolving industry landscape, it aims to maintain its leadership in mobile while providing innovative digital solutions that cater to the evolving needs of Filipinos.

In conclusion, Globe's second-quarter and first-half 2023 results underscore its ability to navigate challenges and achieve sustained growth. The company's strategic investments in connectivity, innovation, and sustainability position it as a leader in the telecommunications industry, while its commitment to quality service and customer-centric solutions drives its ongoing success.


  1. How has data consumption contributed to Globe's revenue growth? 

Data consumption, especially in mobile and corporate data businesses, has been a significant driver of Globe's revenue growth, contributing to a 2% rise in consolidated service revenues.

  1. What initiatives has Globe undertaken to expand its connectivity offerings?

Globe launched GFiber Prepaid, an offering designed to democratize access to fiber-speed internet. It provides affordable options, a digital experience, and supports sustainability.

  1. What accolades has Globe received for its network performance? 

Globe was recognized as the "Most Reliable Mobile Network in the Philippines" for the fifth time by Ookla® and earned the title of the "Most Consistent Fixed Broadband" in certain areas.

  1. How does Globe plan to maintain its leadership in the industry? 

Globe aims to remain a leader by focusing on delivering innovative digital solutions that cater to changing customer needs, backed by a commitment to quality service.

  1. What can we expect from Globe in terms of growth and innovation? 

Globe's ongoing investments in capital expenditure and digital solutions platforms position the company for sustained growth and continued innovation in the telecommunications sector.

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