Singapore's Grab Holdings GRAB.O 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 jumped over 10 per cent in extended trading.
FILE PHOTO: A Grab logo is pictured at the Money 20/20 Asia Fintech Trade Show in Singapore March 21, 2019. Picture taken March 21, 2019. REUTERS/Anshuman Daga/File PhotoSingapore's Grab Holdings GRAB.O raised its forecast for fiscal 2024 revenue on Monday , as it anticipates robust growth in its food delivery and ride-hailing businesses.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.
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 has been attempting to introduce cheaper options for its ride-hailing services to woo price-wary customers. On the other hand, the firm has been trying to promote its premium offerings as well to boost its earnings.It reported third-quarter revenue of US$716 million, exceeding Visible Alpha estimates of US$700.8 million.
Revenue in the deliveries segment grew 16 per cent to US$380 million, surpassing estimates of US$374.2 million.We know it's a hassle to switch browsers but we want your experience with CNA to be fast, secure and the best it can possibly be.
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