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2022-08-25

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Singapore's Grab Reports 79% Rise in Quarterly Revenue on Surge in Demand

Aug 25 (Reuters) - Singapore's Grab Holdings Ltd on Thursday lifted the lower end of its revenue for

Singapore's Grab Reports 79% Rise in Quarterly Revenue on Surge in Demand

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on profitability as demand for rideshare across Southeast Asia peaks.</p><p>U.S.-listed shares of Grab, which went public last year after a $40 billion merger with a blank-check firm, surged about 5% in premarket trading.</p><p>&#34;We are laser-focused on accelerating our path to profitability,&#34; said Chief Executive Officer Anthony Tan.</p><p>&#34;We will get there by doubling down on product innovation that increases user engagement and reduces our cost-to-serve and focusing on growing high quality transactions on our platform.&#34;</p><p>The company plans to cut back on incentives and promotions to lure drivers and users, while exiting unprofitable businesses and slowing hiring to save costs.</p><p>However, a strong dollar and a slowdown in Grab&#39;s delivery business as consumers return to dining outdoors could hurt gross merchandise volume (GMV), a measure of transaction volume, which is expected to slow in the second half even as core profit is expected to improve amid cost cuts.</p><p>The company, which operates in 480 cities in eight countries in Southeast Asia, forecast revenue between $1.25 billion to $1.3 billion for the year, compared with its prior range of $1.2 billion and $1.3 billion.</p><p>For the second quarter, revenue surged 79% to $321 million.</p><p>Revenue at the Rideshare business rose 40% while that of Deliveries tripled.</p><p>Loss for the period narrowed to $572 million, from $801 million a year earlier.</p><p>In the United States, both Uber and Lyft have benefited from a surge in demand as worries of supply eased with more drivers signing up to make additional income to combat the high cost of living.</p><p>Grab shares gained 5% in premarket trading.</p><p><img src=\"https://static.tigerbbs.com/775a6352d4f54c95ec9e87638c5e65ec\" tg-width=\"839\" tg-height=\"621\" referrerpolicy=\"no-referrer\"/></p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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