MANILA, Philippines—Globe Telecom reported lower earnings in 2020 as the COVID-19 pandemic hit some of its largest business segments but increased its investment to improve service quality.
In a filing to the Philippine Stock Exchange on Wednesday (Feb. 10), Globe said core profit in 2020 dropped 13 percent to P19.5 billion as service revenues declined 2 percent to P146.4 billion compared to the previous year’s.
The company’s flagship mobile business saw revenues decrease 7 percent to P103.1 billion following the impact of stringent COVID-19 lockdowns.
Although mobile data traffic increased 48 percent, the telco giant ended the year with 76.6 million mobile subscribers or lowe…
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