SINGAPORE: Grab Holdings Ltd climbed more than 24% after reporting a better-than-expected 6% revenue rise as the pandemic receded across Southeast Asia.
Revenue increased to US$228 million in the first quarter after the ride-hailing and delivery giant added sales from Jaya Grocer, a platform it acquired in January.
That was more than the US$139.2 million analysts were expecting.
Grab’s net loss narrowed to US$435 million, as the company fights to gain profitability following years of heavy spending in pursuit of market share.
The company managed to increase monthly users by 10% to 30.9 million after Southeast Asian countries removed pandemic-era restrictions. Per-user spending climbed 19%, it said.
Unlike other internet companies that are grappling with cooling post-Covid online activity, Grab’s car-hailing and delivery businesses benefit as life returns to normal.
The company had struggled since becoming a publicly listed company in the US through a merger with a blank-check company in December. Mounting losses, coupled with a broad tech selloff, have weighed on its shares. Yesterday, Grab rose 24.1%, its biggest gain since November. - FMT
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