Grab Holdings ( NASDAQ: GRAB ) stock gained sharply on Thursday after rising above Q4 revenue expectations and forecasting continued sales growth ahead.
The Singaporean super-app company reported a $0.10 loss per share for the quarter, $0.03 wider than anticipated, and revenue of $502M came in $96.61M above the analyst consensus. Deliveries were cited as a particular area of strength as $268M in revenue for the quarter came in well above the $181.4M consensus estimate. Gross Merchandise Volume jumped 11% from the prior year to $5B.
“In the fourth quarter, we achieved revenue growth of 310% year-over-year, while improving our Group and Deliveries Segment Adjusted EBITDA margins and maintaining regional category leadership across our Mobility and Food Deliveries businesses,” CEO Anthony Tan said. “We achieved these results by focusing on capturing the rebound in Mobility demand, optimizing our costs, reducing our cost-to-serve and innovating on products and services that drive stickiness and engagement within our ecosystem.”
He added that the company remains “laser-focused” on achieving sustainable profitability moving forward. CFO Peter Oey added that the company expects cost efficiency efforts in 2023 to help the company update its breakeven outlook on an adjusted EBITDA basis to the fourth quarter of 2023, accelerated from a prior guide of breakeven by the second half of 2024.
For the full-year 2023, the company expects revenue in the range of $2.2B to $2.3B, above the $1.92B consensus. Additionally, an adjusted EBITDA loss of between $275M and $325M is far lighter than the $430M consensus.
Shares of Grab Holdings ( GRAB ) rose 6.86% in premarket hours.
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Grab Holdings stock gains on upbeat revenue, EBITDA forecasts