Southeast Asian superapp Grab Holdings (NASDAQ:GRAB) delivered robust second-quarter numbers, with revenue soaring 76.6% year-over-year to $567 million. Moreover, the net loss per share of $0.03 came in narrower than estimates by $0.01.
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The company’s push toward expanding GrabUnlimited’s subscriber base and affordability initiatives is paying off. Driven by growth in Mobility and Deliveries GMV (gross merchandise value), total GMV rose by 4% over the prior year to $5,243 million. Furthermore, the number of monthly transacting users (MTUs) increased by 7% over the prior year to 34.9 million.
The company held a cash pile of $5.6 billion at the end of the quarter. For the full year 2023, it now expects revenue to range between $2.20 billion and $2.30 billion. The projected adjusted EBITDA loss for the year is anticipated to be between $30 million and $40 million. This points to an impressive scale-back compared to the previous adjusted EBITDA loss estimate of between $195 million to $235 million.
Overall, the Street has a consensus price target of $3.91 on Grab, along with a Strong Buy consensus rating. Today’s price gain comes after a 6% correction in Grab shares over the past month.
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