Globe Telecom Inc. reported a 2% increase in net income to ₱6.98 billion in the first quarter of 2025, driven mainly by its non-telco ventures, particularly the e-wallet platform GCash, despite a decline in core service revenues and a rise in expenses.
Total revenue dropped by 3% to ₱43.76 billion, while spending rose by 2% to ₱40.54 billion, with mobile, broadband, and corporate earnings all posting declines.
Globe’s share in the profits of Mynt, GCash’s parent firm, nearly doubled to ₱1.8 billion, now contributing 22% of the company’s pre-tax profit.
The telco also gained ₱2.56 billion from selling an 8% stake in Mynt to Mitsubishi UFJ Financial Group.
Meanwhile, Globe continues to invest in growth areas like GFiber Prepaid and plans to scale down capital expenditures in 2025 to below $1 billion to achieve cash flow positivity.
Source: PhilNews24 | May 12, 2025
