Singapore's Grab Holdings raised its forecast for fiscal 2024 revenue on Monday (Nov 11), as it anticipates robust growth in its food delivery and ride-hailing businesses.
US-listed shares of the company rose 9 per cent in extended trading.
The company expects revenue in the range of US$2.76 billion to US$2.78 billion, compared with its prior projection of between US$2.70 billion and US$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 still expects positive free cash flow for the full year.
It reported third-quarter revenue of US$716 million, exceeding Visible Alpha estimates of US$700.8 million.
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US-listed shares of the company rose 9 per cent in extended trading.
The company expects revenue in the range of US$2.76 billion to US$2.78 billion, compared with its prior projection of between US$2.70 billion and US$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 still expects positive free cash flow for the full year.
It reported third-quarter revenue of US$716 million, exceeding Visible Alpha estimates of US$700.8 million.
Continue reading...