Society

GLOBE’S TELCO TO TECHCO SHIFT ACCELERATES WITH RECORD ₱4.1B NON-TELCO REVENUE

15 December 2023

Affirming its strategic shift from telco to techco, Globe logged unprecedented growth in its non-telco revenues by the end of 2023, reaching an all-time high of PHP4.1 billion for the first three quarters of 2023.

This remarkable 44% year-on-year growth, up from PHP2.8 billion versus the same period in 2022, signifies Globe’s diversification into various digital solutions and sectors is starting to bear fruit.

Globe’s non-telco revenues now account for 3.4% of its total gross service revenues, marking a significant milestone in the company’s history. This is attributed to the impressive performance of its subsidiaries and affiliates particularly ECPay and Asticom, followed by notable contributions from AdSpark and Yondu.

Further bolstering this accomplishment, other Globe joint ventures and affiliates have also shown remarkable progress, with net share in equity gains growing by 56% year-on-year to PHP1.8 billion.

This standout performance included Globe’s share in Mynt’s earnings, which soared to PHP1.62 billion in the first nine months of 2023, a staggering 149% increase compared to the same period last year. Mynt’s contribution now represents 6.4% of the group’s net income before tax, underscoring its growing influence on Globe’s financial health.

“We’re very optimistic with the traction we are getting from our new portfolio companies. Our transition from telco to techco will be more pronounced as we introduce more partnerships and game changing services in the future,” said Ernest Cu, Globe President and CEO.

“Seen in our P&L is the increasing contribution, whether on the revenue line or in the equity earnings line of our non-telco ventures. We’re going to continue with our current strategy, it’s a solid strategy and it allows the company to look for growth and build across different sectors,” he added.

Globe’s diversification strategy has not only broadened its business scope but also reinforced its position as a leading tech innovator in the country. The company now has an expanded portfolio, encompassing fintech, virtual healthcare, e-commerce, business outsourcing, adtech, edutech, climate tech, media, and entertainment.

Globe’s journey from a telecom service provider to a technology-driven conglomerate is a testament to its commitment to innovation and growth. This shift not only enhances its market position but also delivers greater value to customers, stakeholders, and the broader digital ecosystem.

To learn more about Globe, visit https://www.globe.com.ph/.