May 15 (Reuters) - Grab Holdings raised its full-year profit forecast on Wednesday, underscoring gains from recent cost reduction measures and growth in its ride-share and food delivery businesses.
A significant restructuring at Grab, which included reducing 1,000 jobs and slashing some technology costs in 2023, is helping the company push ahead in its goal to deliver positive free cash flow this year.
The company now expects adjusted core profit between $250 million and $270 million, compared to its earlier forecast of $180 million to $200 million.
Grab kept its full-year revenue forecast range unchanged at $2.70 billion to $2.75 billion.
For the quarter ended March 31, the company's revenue rose 24% to $653 million, higher than analysts' estimates of $642.4 million, per LSEG data.
Sales from the food delivery business - its largest - grew 19%, and the ride-share business 27%, both topping analysts' consensus estimates from Visible Alpha.