Grab, a ride-hailing giant in Southeast Asia, had revenue of $321 million in the second quarter, up 79% from a year earlier.

On the evening of August 25, Beijing time, Southeast Asian ride-hailing and express service giant Grab today released its results for the second quarter of 2022, ending June 30. Grab reported second-quarter revenue of $321 million (about 2.202 billion yuan), a record high, up 79% from $179 million a year earlier, and a loss of $572 million, compared with a loss of $801 million in the same period last year, down 29% from a year earlier.

Second quarter results:

GMV was $5.055 billion, up 30 per cent from $3.878 billion a year earlier.

Revenue hit an all-time high of $321 million, up 79 per cent from $179 million a year earlier.

Revenue costs were $337 million, compared with $266 million a year earlier.

Sales and marketing expenses were $72 million, compared with $60 million in the same period last year.

General and administrative expenses were $162 million, compared with $154 million in the same period last year.

Spending on R & D was $121 million, compared with $91 million in the same period last year.

The operating loss was $384 million, compared with an operating loss of $389 million in the same period last year.

The loss was $572 million, compared with a loss of $801 million in the same period last year, down 29% from a year earlier.

The loss attributable to Grab shareholders was $547 million, compared with a loss of $768 million a year earlier.

Performance outlook:

Grab expects GMV to grow 21-25 per cent year-on-year in 2022, down from a previous forecast of 30-35 per cent. Full-year revenue in 2022 will reach $1.25 billion to $1.3 billion, compared with previous forecasts of $1.2 billion to $1.3 billion.