Singapore-based internet company Grab Holdings (GRAB, Financial) saw its shares rise over 8%, reaching a peak of $4.76, marking the highest level in nearly two and a half years.
The surge in stock price followed the company's impressive third-quarter financial results. Grab reported a 17% increase in revenue, reaching $716 million, surpassing analysts' expectations of $697 million. For the first time, Grab turned profitable, recording a net profit of $15 million, compared to a net loss of $99 million during the same period last year. Additionally, the company's Gross Merchandise Volume (GMV) grew by 15% year-on-year.
Grab also raised its full-year performance guidance, projecting revenue to be between $2.76 billion and $2.78 billion. The company expects adjusted EBITDA to range from $308 million to $313 million.
