In 2024, Globe achieved impressive financial results by setting a new record in consolidated gross service revenues of PHP 165 billion, showing a 2% increase compared to the previous year. This growth was mainly driven by increases in mobile revenue, which reached a record PHP 116.7 billion (over USD 2 billion), and corporate data revenue, which hit PHP 20.4 billion, marking an 11% rise. Together, these two segments accounted for 83% of total consolidated gross service revenues, up from 81% in 2023.
If excluding the deconsolidation of ECPay from Globe's books in 2023, gross service revenues would have grown by 3% on a comparable basis. Mobile revenues in 2024 exceeded the previous year's achievement, supported by effective data monetization, market recovery, and network enhancements. Mobile revenues now make up 71% of total consolidated gross service revenues, up from 69% in 2023.
Growth by Segment
Mobile data revenues also reached an all-time high of PHP 97.4 billion by December, 2024, a 7% increase from the previous year. The rise in mobile data revenues was driven by Filipinos increasingly relying on mobile apps for online activities. Globe's mobile data traffic also increased to 6,351 petabytes compared to 5,960 petabytes in 2023. Additionally, Globe's mobile customer base grew by 3.9 million subscribers in 2024, reaching a total of 60.9 million. Globe's corporate data business also performed well, with revenues increasing due to a 15% rise in information and communication technology (ICT) and a 9% increase in core data services.
Business applications solutions (BAS) and cybersecurity services significantly contributed to the ICT revenue performance, showing year-over-year (YoY) improvements of 29% and 4%, respectively. Globe’s home broadband segment of also saw growth, with fiber services experiencing a 2% rise in revenues and a 16% increase in subscriber count, driven by the strong adoption of GFiber Prepaid (GFP). This shift led to a 13% annual increase in fixed-wired subscribers. GFP reached 260,000 subscribers with a 74% quarter-on-quarter growth, showing strong customer loyalty with reload rates of 78% and a high Net Promoter Score (NPS).
Leveraging the Digital Landscape
Ernest Cu, President, and CEO of Globe, stated, “2024 revenues reflect the success of their data-driven strategy and the increasing demand for mobile and corporate data services.”
By continuing to improve their network and expand their customer base, Globe aims to sustain this growth into 2025 and beyond.
Globe's strong performance in 2024 demonstrates its dedication to providing reliable connectivity and innovative digital solutions to consumers and businesses. With ongoing investments in network infrastructure, customer experience, and strategic partnerships, Globe is well-positioned to take advantage of the growing digital landscape and solidify its position as a leading telecommunications provider in the Philippines.
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