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 share in lengthy trading.
The firm expects earnings in the range of US$ 2.76 billion to US$ 2.78 billion, compared with its earlier prediction of between US$ 2.70 billion and US$ 2.75 billion.
As customers increase their voluntary spending finances in a sign of economic lowering, its foundation food distribution company has been recovering from a post-pandemic decline in demand.
According to Get CEO Anthony Tan,” We are firing on all cylinders to get the powerful customer need trends,” and we are bullish on Southeast Asia’s long-term growth perspective.
The firm anticipates a full-year of good free cash flow.
It reported third-quarter profit of US$ 716 million, exceeding Visible Alpha projections of US$ 700.8 million.