Revenue increases, losses on deliveries shrink, demand for rides

(Bloomberg) – Grab Holdings Ltd says revenue rose 6% in the first quarter after ride-healing and delivery companies regained customers as the epidemic in Southeast Asia receded.

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Revenue has risen to $ 228 million since the addition of sales from Singapore-based company Jaya Grosser, a platform it acquired in January. That’s $ 139.2 million more than analysts expected, according to data compiled by Bloomberg. Grab’s net loss has shrunk to $ 435 million, as the company struggles to make a profit after years of spending heavily to gain market share.

The company has been able to increase its monthly user base from 10% to 30.9 million since Southeast Asian countries lifted epidemic-era restrictions. Cost per-user increased 19%, it said. Unlike other Internet companies that are struggling to cool off post-Covid online activity, Grab’s car-healing and delivery businesses benefit as life returns to normal.

The company has struggled since becoming a publicly listed company in the United States through a merger with a blank-check company in December. Mounting Loss, combined with a wide range of technology sales, weighed in on its share, which has lost more than 70% since the startup went public.

Grab delivery to offset the weight of dynamics on revenue: preview

Key insights

  • Revenue from the delivery business jumped 70% to $ 91 million

  • Revenue from the mobility business fell 22% to 112 million

  • Revenue from financial services increased by $ 11 million

  • GRAB is planning to launch a Singapore digital bank, the current internal pilot, in the second half, CEO Anthony Tan said during a conference call.

  • Delivery GMV was forecast at $ 2.56 billion vs. $ 2.4 billion to $ 2.5 billion

  • Mobility GMV was $ 834 million vs. forecast of $ 750 million to $ 800 million

  • The company said it would increase its full-year revenue from $ 1.2 billion to $ 1.3 billion; With the exception of Jaya Grosser, sales will not grow less than 50% this year, CFO Peter Way says

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  • Grab’s cash and cash equivalents fell from about $ 5 billion at the end of 2021 to 4 3.4 billion at the end of March, partly due to cash flow from operating activities and the acquisition of Jaya Grossa.

  • Partner incentives rose 55% to $ 216 million, while consumer incentives rose 85% to $ 344 million.

  • GMV expects second quarter delivery of ্যাব 2.55 billion to 2. 2.65 billion

  • The company saw second-quarter dynamics GMV $ 950 million to $ 1 billion

  • GRAB expects total gross financial services for the second quarter to reach আগে 3.5 billion to $ 3.6 billion before consolidation

  • The company expects GMV to grow from 30% to 35% in 2022

Market response

(Digital Bank Plan Update on 4th Bullet Point)

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