Grab Beats Wall Street Estimates with Strong Q1 Growth

Singapore: Grab, Southeast Asia’s largest ride-hailing and delivery firm, reported first-quarter revenue that exceeded Wall Street expectations, driven by resilient demand and new customer-focused initiatives. The Singapore-based company posted revenue of $955 million, up 24% from a year earlier, surpassing analyst estimates of $921.1 million. Deliveries revenue rose 23% to $510 million, while mobility revenue climbed 19% to $337 million.

Grab

CFO Peter Oey highlighted the success of Grab’s “saver” program, which offers cheaper delivery options amid rising living costs, with about 35% of users enrolled. “It is a very good balance between price-sensitive customers and those less price-sensitive,” he said, noting improved margins in the delivery business.

On-demand gross merchandise value grew 24% to $6.1 billion, while net profit surged to $120 million from $10 million a year earlier. Shares rose 1.6% in extended trading. Grab continues to face stiff competition, but recently expanded by acquiring Foodpanda Taiwan for $600 million.

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