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Telcos say ‘hello again’ to further profit growth
The outlook for the telecommunications sector remains positive
November 20, 2024
By Ginny Pecaña, German de la Paz III, Ariz Marcelino, and Charles Randy Lumhod
By Ginny Pecaña, German de la Paz III, Ariz Marcelino, and Charles Randy Lumhod
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Publicly held telecommunications companies said hello again to further growth. That signals still-resilient earnings and a positive outlook for the sector.
They sustained outperformance in the quarter, with sector earnings clocking in an aggregate core profit growth of 17% year-on-year. For the January to September period, that was a good 14%.
Converge Information and Communications Technology Solutions, Inc. (CNVRG)
- Converge led earnings growth on the back of superior net adds on fixed broadband, which continued to wrestle market share from its two key rivalsIts shift toward lower-priced prepaid broadband has reaped rewards
- Profit grew 40% year-on-year in the third quarter, and 29% in the January-September period
- Revenue was also up by double digits; +17% in the third quarter and +14% in