• Investing
  • Stock
  • Editor’s Pick
  • Economy
The Significant Deals
Stock

Singapore’s Grab raises annual revenue forecast, shares jump

by November 12, 2024
written by November 12, 2024

(Reuters) – Singapore’s Grab Holdings (NASDAQ:GRAB) raised its forecast for fiscal 2024 revenue on Monday, as it anticipates robust growth in its food delivery and ride-hailing businesses.

U.S.-listed shares of the company jumped over 10% in extended trading.

The company expects revenue in the range of $2.76 billion to $2.78 billion, compared with its prior projection of between $2.70 billion and $2.75 billion.

Its mainstay food delivery business has been recovering from a post-pandemic slump in demand as consumers increase their discretionary spending budgets in a sign of economic easing.

“We remain bullish on the long-term growth outlook of Southeast Asia, and are firing on all cylinders to capture the strong user demand trends,” Grab CEO Anthony Tan said.

The company has been attempting to introduce cheaper options for its ride-hailing services to woo price-wary customers. On the other hand, the firm has been trying to promote its premium offerings as well to boost its earnings.

Grab still expects positive free cash flow for the full year.

It reported third-quarter revenue of $716 million, exceeding Visible Alpha estimates of $700.8 million.

Revenue in the deliveries segment grew 16% to $380 million, surpassing estimates of $374.2 million.

Revenue in its fastest-growing financial segment also beat estimates.

Profit for the quarter came in at $15 million, compared to a loss of $99 million, a year ago.

This post appeared first on investing.com
0 comment
0
FacebookTwitterPinterestEmail

previous post
Brazil stocks higher at close of trade; Bovespa up 0.03%
next post
Singapore’s Grab hikes FY revenue outlook, shares surge 13%

You may also like

BASF results down on impairments, restructuring

January 27, 2025

European chipmakers slump as traders gauge DeepSeek AI...

January 27, 2025

Nasdaq futures tumble as China’s AI push rattles...

January 27, 2025

China Vanke’s CEO, chairman resign amid growing liquidity...

January 27, 2025

Fuji Media, rocked by sexual misconduct allegations, says...

January 27, 2025

Italy’s MPS shares fall ahead of Mediobanca board...

January 27, 2025

British Land stock drops following stake sale

January 27, 2025

UMG shares rally after new multi-year pact with...

January 27, 2025

BASF shares indicated 3% lower as impairments drag...

January 27, 2025

Ryanair cuts 2026 traffic forecast amid ongoing Boeing...

January 27, 2025
Fill Out & Get More Relevant News








    Stay ahead of the market and unlock exclusive trading insights & timely news. We value your privacy - your information is secure, and you can unsubscribe anytime. Gain an edge with hand-picked trading opportunities, stay informed with market-moving updates, and learn from expert tips & strategies.

    Recent Posts

    • U.S. foreign tax bill sends jitters across Wall Street

      May 30, 2025
    • Amazon taps Xbox co-founder to lead new team developing ‘breakthrough’ consumer products

      May 30, 2025
    • Nvidia results spark global chip rally

      May 30, 2025
    • Boeing to resume airplane deliveries to China next month, ramp up Max production, CEO says

      May 29, 2025

    Categories

    • Economy (245)
    • Editor's Pick (3,646)
    • Investing (489)
    • Stock (6,426)

    Latest News

    • U.S. foreign tax bill sends jitters across Wall Street
    • Amazon taps Xbox co-founder to lead new team developing ‘breakthrough’ consumer products

    Popular News

    • US companies rush to bond market in fundraising flurry
    • Dyne Therapeutics shares jump ahead of clinical data review

    About The Significant deals

    • Privacy Policy
    • Terms & Conditions

    Copyright © 2025 thesignificantdeals.com | All Rights Reserved

    The Significant Deals
    • Investing
    • Stock
    • Editor’s Pick
    • Economy