Grab, a leading Southeast Asian ride-hailing and food delivery platform, has revised its revenue forecast for the 2024 fiscal year upward. The company anticipates robust growth in its core businesses of ride-hailing and food delivery, leading to a surge of over 10% in its U.S.-listed shares during after-hours trading.
The company now forecasts revenue between $2.76 billion and $2.78 billion, compared to its previous estimate of $2.75 billion to $2.77 billion. CEO Anthony Tan expressed optimism about the long-term growth prospects in Southeast Asia, emphasizing the company's commitment to capitalizing on strong user demand.
Grab has been working to introduce more economical ride-hailing options to attract price-sensitive customers while promoting its premium services to enhance revenue. The company continues to project positive free cash flow for the full year.
In the third quarter, Grab reported revenue of $716 million, surpassing analysts' expectations of $700.8 million. The company posted a net profit of $15 million, a significant improvement from a loss of $99 million in the same quarter last year.
