Grab Holdings ( NASDAQ: GRAB ) stock headed significantly higher on Wednesday morning after reporting a nearly 150% rise in revenue year over year and raising full-year forecasts.
For the third quarter, the Singapore-based superapp company reported an $0.08 loss, one cent lighter than anticipated, alongside $382M in revenue. The latter figure was a 143.3% jump from the prior year and $33.8M above analyst expectations. Gross Merchandise Volume of $5.1B, up 26% year-over-year, but slightly below the $5.26B consensus estimate. The number of users rose 30% from the prior year to 33.5M.
“Our third-quarter results demonstrate our ability to drive growth and profitability in tandem. We achieved core food deliveries and overall Deliveries segment-adjusted EBITDA breakeven ahead of guidance while narrowing our overall loss for the period significantly,” CEO Anthony Tan said. “We accomplished this by staying laser-focused on our cost structure and incentives, while innovating on services that increase synergies within our superapp ecosystem to promote transaction frequency, user retention and engagement.”
Moving forward, the company anticipates $1.32B to $1.35B in revenue, up from the prior forecast of $1.25B to $1.3B. The new guidance is also well above the analyst consensus of $1.28B. Additionally, GMV is expected to grow 22% to 25%, narrowed from a prior 21% to 25% expectation. Adjusted EBITDA guidance for the second half of 2022 was improved $65M from the prior guide to a $315M loss.
Shares rose 14.7% in premarket trading on significant volume.
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Grab Holdings stock surges on stronger than expected earnings, raised sales guidance