Globe Telecom Sets Sights on Continued Growth and Innovation in 2024

Globe Telecom Embarks on 2024 with Confidence in Business Expansion and Technological Ventures

President and Chief Executive Officer ceo of Globe Telecom
President and Chief Executive Officer (“CEO”) of Globe Telecom

Globe Telecom Inc., a leading legacy telecommunications company in the Philippines, has expressed a positive business outlook for 2024, focusing on expanding its ventures in data center infrastructure and climate technology.

Key Takeaways

  • Positive Outlook for 2024: Globe Telecom anticipates sustained growth and stability.
  • Expansion in Data Center and Climate Tech: Key areas of development include data center operations and partnership with Gogoro Philippines.
  • Robust Financial Performance: The firm reported an all-time high consolidated service revenue of P121.1 billion from January to September.
  • Transition from Telco to Techco: Globe’s strategic shift to diversify its business portfolio and embrace technology advancements.
  • Key Developments: Expansion of data center facilities and introduction of Gogoro Smartscooters in the Philippines.

Strong Market Position

Globe President and CEO Ernest Cu remains optimistic about 2024, citing the company’s strong market position and successful performance in mobile and fixed line businesses.

We are very confident that given the state of competition in the market, given our people’s continued efforts, and our market position, we’ll be able to sustain a lot of what has happened in our mobile and fixed line side of our telco business this year,

Financial Milestones

Globe’s high Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) of P60.7 billion for the first nine months of 2023 underlines its financial resilience amidst macroeconomic challenges.

Expanding Data Center Operations

The Globe Group, in partnership with ST Telemedia Global Data Centres (STT GDC) Philippines, is advancing its data center operations. The groundbreaking for the 6MW data center in Cavite and the construction of the 124MW facility in Fairview, Quezon City, are poised to meet the demands of the Southeast Asian region.

STT global Data Centres Fairview Quezon City Campus (Under Development)
STT global Data Centres Fairview Quezon City (Under Development)

Electric Vehicle Initiative

The Gogoro project, a collaboration between Globe’s 917Ventures, Ayala Corporation, and Gogoro of Taiwan, focuses on deploying Gogoro Smartscooters. With five GStations already operational and six more planned, this initiative represents Globe’s commitment to sustainable transportation solutions.

Globe Gogoro Project
Introduction of Gogoro Smartscooters® and Innovative Battery-Swapping System in Metro Manila, with Public Access Set for Q4 2023

Quotes from Ernest Cu

  • On Business Outlook:

    Inflation and interest rates have already reached peak levels… We are very confident that given the state of competition in the market… we’ll be able to sustain a lot of what has happened in our mobile and fixed line side of our telco business this year.

  • On Strategic Initiatives:

    Globe affirmed that its strategic initiatives and current market position will enable continued success and growth for the company this year.

Globe Telecom’s optimistic outlook for 2024 reflects its commitment to innovation and growth in the telecommunications and technology sectors.

With strategic expansions in data center infrastructure, electric vehicles, and a robust financial performance, Globe is well-positioned to continue its trajectory of success and contribute significantly to the technological landscape in the Philippines.

For Further Reading:

  • Globe Maintains Optimistic Business Outlook for 2024

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