Globe Telecom ends 2024 with record revenues of P165 billion, driven by the growth of its e-wallet GCash. Despite a 1% decline in net income to P24.3 billion due to lower tower sales and increased expenses, Globe's mobile and corporate data businesses remain strong contributors. The company also sees growth in its prepaid fiber broadband service GFiber Prepaid. Meanwhile, non-telco revenues fell due to the deconsolidation of ECPay. GCash's parent company Mynt contributed significantly to Globe's earnings, highlighting the e-wallet's dominance in the digital financial services market.
This is AI generated summarization, which may have errors. For context, always refer to the full article.MANILA, Philippines – Despite a 1% decline in its 2024 net income, Globe Telecom ended the year with record revenues of P165 billion thanks to growing contributions from its e-wallet GCash.
Despite the 5% decline in its home broadband business revenues, the telco giant noted growing revenues from its prepaid fiber broadband service GFiber Prepaid, with its number of subscribers growing 16%. Meanwhile, non-telco revenues dropped 47% due to the deconsolidation of electronic payment system provider ECPay after a 77% stake was sold to Mynt.
TELECOM GCASH REVENUE EBITDA DIGITALFINANCIALSERVICES
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