Grab Holdings Raises Revenue Outlook

Investing.com — Singapore’s Grab Holdings Ltd (NASDAQ:GRAB) raised its revenue outlook for the current fiscal year on Monday, sending its U.S.-listed shares surging sharply as the tech giant forecast strength in its core ride-sharing and delivery businesses.

Shares of the firm surged around 13% to $4.950 in aftermarket trade, hitting their highest level since February 2022.

Grab said it expects 2024 revenue between $2.76 billion and $2.78 billion, higher than its prior forecast of $2.70 billion and $2.75 billion.

It also hiked its adjusted EBITDA outlook for the year to $308- $313 million, up from a prior forecast of $250 million- $270 million.

Grab reiterated that it expects to turn cash flow positive in 2024 and anticipated strong growth in its core Southeast Asian markets.

> “We remain bullish on the long-term growth outlook of Southeast Asia, and are firing on all cylinders to capture the strong user demand trends,” Co-founder and CEO Anthoney Tan said in a statement.

Grab’s revenue rose 20% in the three months to September 30 to $716 million. The firm clocked a profit of $15 million for the quarter, compared to a loss of $99 million last year.