LISTED fiber internet provider Converge ICT Solutions, Inc. has partnered with streaming service Netflix to offer media services.
In a stock exchange disclosure on Tuesday, Converge said it is extending its services beyond connectivity by offering internet and Netflix entertainment plans.
According to the company, the new Converge Netflix bundle will be offered to its existing FiberX customers.
“The new Converge Netflix Bundle will include a boosted FiberX plan with 325 Mbps speeds for faster streaming, a Netflix subscription with a lock-in period of 36 months, a new Wi-Fi 6 Next Gen Modem, and a Converge XperienceBox with Freemium Channels — all put together into one subscription for the convenience of the customer,” the company said.
It said the bundle plans target to expand its entertainment offerings.
Converge has revised its revenue growth forecast for 2024 to between 12% and 14%, up from the earlier estimate of 7-8%, driven by market optimism after posting strong financial results.
It registered an attributable net income of P2.74 billion, up 29.8% from P2.11 billion in the same period last year, its financial statement showed.
Despite posting increased gross expenses for the April-to-June period at P6.18 billion, 15.1% higher than P5.37 billion previously, the company managed to register higher earnings on elevated revenues.
For the first semester, Converge’s attributable net income climbed to P5.29 billion, marking an increase of 23.6% from P4.28 billion in the same period last year.
At the stock exchange on Tuesday, shares in the company closed 38 centavos, or 2.22% lower, to end at P16.72 apiece. — Ashley Erika O. Jose
