Converge adds 188k subs, Php7.75 billion revenue in Q1 2022

Converge just announced that they added 188,000 new subscribers in the first quarter of 2022 (15% up from the 163,000 subscribers they got in Q4 of 2021). Their total subscriber count is now at 1.8 million (53% higher than a year ago).

In the same period, they also got Php7.75USD 0.13INR 11EUR 0.13CNY 0.96 billion in net revenues while their core net income grew to almost Php2.0USD 0.03INR 3EUR 0.03CNY 0.25 billion representing a core net income margin of 25.4%.

Revenues for the Enterprise business amounted to Php 935.5USD 16INR 1,351EUR 15CNY 116 million in Q1 2022, 25% higher versus Php 749.7USD 13INR 1,083EUR 12CNY 93 million in Q1 2021. SMEs contributed 20% to the total, and by itself grew by 118% year on year. SME subscribers of Converge reached 25,810 as of March 21, 2022 – a growth of 200%.

Nationwide household coverage as of Q1 2022 is at 47% with 12.2 million Filipino homes are serviceable by Converge. They have also reached 6.5 million ports as of March 2022 which is 1 million more than their 5.5M numbers in December 2021.