Grab Holdings raised its full-year profit forecast on Wednesday (May 15) after reporting a higher-than-expected quarterly revenue, driven by recent cost-reduction measures and robust demand for its
FILE PHOTO: A Grab logo is pictured at the Money 20/20 Asia Fintech Trade Show in Singapore March 21, 2019. REUTERS/Anshuman Daga/File photoraised its full-year profit forecast on Wednesday after reporting a higher-than-expected quarterly revenue, driven by recent cost-reduction measures and robust demand for its ride-share services.and slashing some technology costs in 2023, is helping the company push ahead in its goal to deliver positive free cash flow this year.
US-listed shares of Grab gained 2 per cent in extended trading following the results, which came in several hours after the markets closed. Grab's food delivery business, its largest revenue stream, and the ride-share business grew 19 per cent and 27 per cent, respectively, outperforming Visible Alpha's consensus estimates.
Grab now projects an adjusted core profit between US$250 million and US$270 million this year, up from its previous forecast of US$180 million to US$200 million. It maintained its revenue projection at US$2.70 billion to US$2.75 billion.
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