MANILA — Globe Telecom on Monday announced that its net income after tax for the first 9 months of the year reached P19.4 billion, down 27 percent from the figures in the same period in 2022.

Core net income was also down 8 percent to P14.8 billion, Globe told the Philippine Stock Exchange.

Revenue from January to September, however, was up 3 percent to P133.8 billion.

Service revenues, Globe noted, were at an all-time high at P121.1 billion despite the extended macroeconomic headwinds faced by the industry.

The Ayala-led telco giant added that contributions from its mobile corporate data and non-telco services fully offset the anticipated decline in home broadband.

Home broadband revenues only hit ₱19 billion, down 7 percent from last year's P20.5 billion, as fixed wireless products declined.

But non-telco services posted 44 percent yearly growth, and now accounts for 3.4 percent of the company's total consolidated service revenues.

Data revenues for the first three quarters, meanwhile, reached P99.6 billion. Mobile business revenues were up 3 percent to P83.2 billion.

Mobile data revenues also climbed 7 percent to P67 billion.

Operating expenses for the period reached P60.4 billion, up from the P57.6 billion in the same period last year.

Despite the softness in its performance, Globe says it remains on track to hit its full year growth target.

"We will continue to look for opportunities to thrive amidst the macroeconomic challenges and competition," Globe Telecom president and Chief Executive Officer Ernest Cu said.

"We believe that our renewed focus on innovation, collaboration, sustainability and service, backed by our unwavering commitment to network excellence are the imperatives that will keep us ahead and will pave the way for a digitally inclusive and prosperous Philippines," he added.

Globe's net income dipped 27 percent in the first half of 2023 on the back of a one-time gain on the partial sale of its data center business in the same period last year.

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