Globe closed 2024 with strong financial results as it set a new record in consolidated gross service revenues of ₱165 billion, reflecting a 2% year-on-year increase driven by growth across key segments.
This performance was fueled by a 4% hike in mobile revenues, totaling a record ₱116.7 billion, and a record ₱20.4 billion in corporate data revenues, marking an 11% rise. Combined, they represent 83% of total consolidated gross service revenues, compared to 81% in 2023.
Adjusting for the deconsolidation of ECPay from Globe’s books in 2023, gross service revenues would have grown by 3% on a comparable basis.
Mobile revenues for 2024 surpassed the ₱112.4 billion achievement in 2023, supported by effective data monetization, market recovery, and continued network enhancements. As a result, mobile revenues now represent 71% of total consolidated gross service revenues, up from 69% the previous year.
This was further reinforced by a significant rise in mobile data revenues, which attained an all-time high of ₱97.4 billion by December 2024, a 7% increase from 2023.
In 2024, mobile data made up 83% of total mobile revenues versus 81% the year before, as Filipinos increasingly relied on mobile apps for their online activities. With this, Globe’s mobile data traffic went up to 6,351 petabytes compared to 5,960 petabytes in 2023.
Globe’s mobile customer base also expanded by 3.9 million subscribers in 2024, bringing the total to 60.9 million from 57.0 million a year ago.
Likewise, Globe’s corporate data business performed strongly, with revenues driven by a 15% rise in Information and Communication Technology (ICT) and a 9% increase in core data services.
Business Applications Solutions (BAS) and cybersecurity services contributed significantly to ICT revenue performance, posting year-on-year improvements of 29% and 4%, respectively. This result highlights the company’s ongoing commitment to providing innovative digital solutions that meet the evolving needs of its business clients.
Globe’s home broadband segment also showed growth, with fiber services seeing a 2% rise in revenues and a 16% increase in subscriber count, driven by the strong adoption of GFiber Prepaid (GFP). This shift also produced a 13% annual increase in fixed-wired subscribers.
GFP already reached 260,000 subscribers with a 74% quarter-on-quarter growth. Its strong customer loyalty is evident in reload rates of 78% and world class Net Promoter Score (NPS), underscoring the success of Globe’s customer acquisition strategy and commitment to seamless connectivity.
“Our 2024 revenues reflect the strength of our data-driven strategy and the growing demand for mobile and corporate data services. By continuing to enhance our network and expand our customer base, we are well-positioned to sustain this growth into 2025 and beyond,” said Ernest Cu, President and CEO of Globe.
Globe’s strong 2024 performance underscores its commitment to delivering reliable connectivity and innovative digital solutions to both consumers and businesses. With continued investments in network infrastructure, customer experience, and strategic partnerships, Globe is poised to capitalize on the growing digital landscape and further solidify its position as a leading telecommunications provider in the Philippines.
