Categories: BusinessGlobe Telecom

Globe increases growth target as PH economy improves

Ayala-led Globe Telecom has upgraded its revenue growth forecast for 2022 as it saw a solid first quarter performance amid the economy’s reopening.

According to Issa Guevarra-Cabreira, the firm’s chief commercial officer, the year was “looking good” for Globe, the reason why it increased its growth target from a “long single digit” to a “mid single digit.”

This came after Globe recorded a net income increase of 86 percent to P13.66 billion in the first quarter of the year, and a P10.5-billion gain from its data center business.

In the first quarter, Globe spent P21 billion out of its P89-billion programmed capital expenditure for the year for network upgrades and infrastructure development.

For the first three months of the year, Globe built 234 new cell sites, upgraded over 3,500 mobile sites, and rolled out 380 new 5G sites.

Its 5G network is now present in 95 percent of NCR and 84 percent of VisMin.

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Myra Santos Santos

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