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Grab, a ride-hailing giant in Southeast Asia, had revenue of $382 million in the third quarter, an increase of 143% over the same period last year.

Shulou Source: shulou.com Published: 2023-11-24 11:52:46 11月14日 Update

On the evening of November 16, Beijing time, Southeast Asian ride-hailing and express service giant Grab today released its results for the third quarter of 2022, ending September 30. Grab reported third-quarter revenue of $382 million, up 143 per cent from a year earlier. The loss was $342 million, down 65 per cent from a year earlier.

Third quarter results:

GMV was $5.08 billion, up 26% from $4.038 billion in the same period last year. If the exchange rate effect is excluded, it will increase by 32% compared with the same period last year.

Revenue reached an all-time high of $382 million, up 143% from $157 million a year earlier. If the exchange rate effect is excluded, it will increase by 156% compared with the same period last year. By contrast, Wall Street analysts had an average estimate of $337 million.

Revenue costs were $321 million, compared with $266 million a year earlier.

Sales and marketing expenses were $66 million, compared with $51 million in the same period last year.

General and administrative expenses were $150 million, compared with $152 million in the same period last year.

Spending on R & D was $116 million, compared with $93 million in the same period last year.

The operating loss was $290 million, compared with an operating loss of $401 million in the same period last year.

It lost $342 million, compared with a loss of $988 million a year earlier.

The loss attributable to Grab shareholders was $327 million, compared with a loss of $970 million a year earlier.

The basic and diluted loss per share was $0.08, compared with a basic and diluted loss of $3.66 per share in the same period last year. By contrast, Wall Street analysts expect a basic and diluted loss of $0.10 per share on average.

Performance outlook:

Grab expects GMV to grow by 22 per cent to 25 per cent year-on-year in 2022. If the exchange rate effect is excluded, it will grow by 26% to 29% compared with the same period last year. Full-year revenue in 2022 will reach $1.32 billion to $1.35 billion, up from a previous forecast of $1.25 billion to $1.3 billion.