Globe Telecom Inc. reported a 14-percent drop in earnings in the first nine months of the year, amid lower revenues across key segments, with digital wallet GCash remaining a bright spot for the telecommunications giant.

In a disclosure to the Philippine Stock Exchange, Globe said its net income declined to ₱17.7 billion from January to September, lower than ₱20.6 billion in the same period last year.

The company‘s revenues was slightly lower in the nine-month period to ₱121.7 billion, with overall costs and expenses slashed to ₱67.41 billion.

Globe attributed the slower performance to the challenging operating environment, citing that persistent industry competition and the impact of recent typhoons further dragged revenues.

Globe’s mobile business, which was the main driver of the company’s topline, fell two percent to ₱86.2 billion in the first nine months compared to ₱87.7 billion a year ago.

Home broadband revenues were flat at ₱17.8 billion in revenues for the period as the gradual tapering of the fixed wireless business was offset by the migration of subscribers to fiber.

From 86 percent in the previous year, fiber now makes up 91 percent of the segment driven by growing demand for prepaid and postpaid plans.

Globe’s corporate data unit posted ₱15 billion in revenues by the end of September, three-percent lower than ₱15.48 billion pulled by a decline in core data services.

Revenues from non-telco was down four percent to ₱1.7 billion from ₱1.81 billion, driven by lower contributions from the company’s subsidiaries.

Despite revenue declines in these segments, the Globe’s mobile wallet arm continues to deliver a robust performance even as the company earlier diluted its shares in the first quarter.

To recall, Tokyo-based Mitsubishi UFJ Financial Group (MUFG) acquired an eight-percent stake in Mynt, reducing Globe’s ownership in Mynt from 36 percent to 34 percent.

For the nine-month period, Globe's share in the equity earnings of GCash operator Mynt grew by 52 percent to ₱5.3 billion from ₱3.5 billion in the same period last year.

Mynt now accounts for 35 percent of Globe’s pre-tax profit, more than double its 14-percent contribution in 2024.

“Mynt continued to be a key contributor to earnings, reaffirming the expanding role of our digital platforms,” said Globe President and Chief Executive Officer (CEO) Carl Raymond Cruz.

Looking ahead, Cruz said the company’s focus will remain firmly on its customers, with accelerated growth of business-to-business (B2B) services seen as the next growth driver.

“We remain steadfast in our vision of becoming the most valuable, trusted, and admired operator in the country in the medium term, by investing in world-class connectivity and driving innovations that help build a more inclusive and digitally empowered Philippines,” he said.

Globe cut its capital expenditures (capex) by 23 percent in the first nine months to ₱31.4 billion from ₱41.0 billion last year.

The company said this reduction reflects its focus on strategic capital management, in line with its full-year capex guidance of below $1 billion.

This year, Globe has built a total of 1,375 new cell sites, 877 5G sites, and 60,193 fiber-to-the-home (FTTH) lines.