Singapore's Grab Misses Quarterly Revenue Estimates, Shares Drop

Reuters08-15

Grab Holdings missed second-quarter revenue estimates as demand faltered in its ride-share and food-delivery services, sending its U.S.-listed shares down 8% in premarket trading on Thursday.

Revenue rose 17% to $664 million in the quarter ended June 30, compared with analysts' estimates of $673.3 million, according to LSEG data.

Sales from the food delivery business - its largest - grew 11% to $356 million, lower than Visible Alpha estimates of $362.1 million. Ride-share revenue grew a worse-than-expected 14%.

Grab, which competes with Gojek, now part of Indonesia's GoTo Gojek Tokopedia , said in February revenue growth will accelerate in the years beyond 2024 as investments in new products bear fruit.

The company retained its full-year revenue forecast of $2.70 billion to $2.75 billion.

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Comments

  • SuperDuper1
    08-15
    SuperDuper1
    Why is Reuters quoting an obscure Visible alpha's estimates instead of consensus numbers ? Seems dodgy.. 
  • Dr Rck
    08-15
    Dr Rck
    Isn't Grab regional and market is buoyant still? Apparently it seems to be so as Uber is surely doing well? I wonder why.. 
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