Grab, Southeast Asia's biggest ride-hailing and food delivery firm, on Thursday (Feb 23) forecast its annual revenue above estimates on bets that consumers will continue to rely on its services following a pandemic-driven demand boom. Grab and rivals such as Indonesia's PT GoTo Gojek Tokopedia Tbk and Uber
Grab, Southeast Asia's biggest ride-hailing and food delivery firm, on Thursday forecast its annual revenue above estimates on bets that consumers will continue to rely on its services following a pandemic-driven demand boom.
Grab and rivals such as Indonesia's PT GoTo Gojek Tokopedia Tbk and Uber benefited from higher demand for delivery services during the COVID-19 pandemic and consumers have continued to rely on those services, while reopening of offices and travel have boosted their rideshare businesses. Decade-old Grab, a household name in eight Southeast Asian countries, forecast its 2023 revenue between US$2.20 billion and US$2.30 billion. Analysts have forecast annual sales to scale US$1.97 billion, according to Refinitiv data.
The company has advanced its forecast for group break-even on an adjusted core earnings basis to the fourth quarter of 2023, from its prior expectations of the second half of 2024. Grab also delivered an about four-fold revenue surge in the fourth quarter to US$502 million, helped by higher demand and a reduction in incentives.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
FIBA 3X3 Asia Cup 2023 to be held at Singapore Sports Hub - Singapore NewsIt was announced last year that Singapore will be hosting this prestigious tournament for three editions – 2023, 2024, and 2025.
Read more »
Commentary: Southeast Asia has big concerns but limited choices in case of a Taiwan conflictIn the event of hostilities in the Taiwan Strait, Southeast Asian countries will face a difficult dilemma and ASEAN’s latitude for manoeuvre will be limited, say these writers.
Read more »
What were the most-used words by MPs on Day 1 of Budget 2023 debate?SINGAPORE – As Members of Parliament (MPs) kicked off the debate on Budget 2023 on Wednesday (Feb 23), two words kept coming up: “Support”, which was mentioned 201 times, followed by “workers”, which had a total of 170 mentions.  
Read more »
Super Rugby Pacific 2023: Team by TeamSYDNEY : Team-by-team preview of the new season of Super Rugby Pacific, which kicks off on Friday. (Listed in order of last season's finish on regular season standings):AUCKLAND BLUES Best finish: Champions (4) - 1996, 1997, 2003, 2021 (Trans Tasman)Last year: Runners up (15-2)Coach:
Read more »
Scoot to suspend flights to Australia's Gold Coast from July 2023SINGAPORE: The Singapore Airlines (SIA) Group will suspend its budget arm Scoot's services to Australia's Gold Coast region from July 2023, as it 'adjusts its capacity in response to demand'. In its
Read more »