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Converge shifts to low-end mart
Fiber broadband and technology provider Converge ICT Solutions Inc. targets increasing its subscriber base following strong market reception for its products and services that seeks to serve low-income households. “We anticipate more opportunities to grow our subscriber base as we innovate products to cater to the demand from specific socioeconomic segmentism,” Converge CEO and co-founder Dennis Anthony Uy said. “The second quarter subscribers grew as a result of the prepaid market gaining significant traction,” Uy added. According to Converge, total net subscriber additions for residential customers reached 92,000 during the first six months, 5 percent higher than a year ago. For the second quarter, there was a 49,000 increase in residential subscribers. The prepaid fiber Internet subscribers reached more than 54,000 as of end-June, nearly doubling compared to the end-March 2023 level. This brings the total residential subscriber base of Converge to 1.97 million. From January to June, the company’s net income after tax increased by P4.3 billion from P3.95 billion last year — representing a net income margin of 24.7 percent. Converge also noted an 8 percent revenue growth to P17.4 billion from January to June, which was buoyed by the sustained growth in its residential subscriber base as well as robust growth for its enterprise business. “Converge continues to reap impressive results in our effort to bolster the availability and affordability of our fiber Internet solutions,” Uy noted. The fiber broadband provider recently introduced its prepaid fiber offering Surf2Sawa to serve households looking for more affordable connectivity, providing flexible top-up options from as low as P50 per day to P700 for 30-day unlimited connectivity. Postpaid broadband unveiled Converge also introduced a more affordable postpaid broadband called Bida Fiber which was tailored for budget-conscious households with a more consistent income. At P888 per month, subscribers can connect up to six devices with an average speed of 35 Mbps, and experience quality and unlimited connection. The post Converge shifts to low-end mart appeared first on Daily Tribune......»»
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