(Reuters) - Grab Holdings ( GRAB ) forecast its annual revenue below analysts' estimates on Wednesday, as it grapples with intense competition in food delivery and ride-hailing businesses, sending its U.S.-listed shares down more than 9% after the bell.

The company forecast its fiscal 2025 revenue to be between $3.33 billion and $3.40 billion, the midpoint of which is below the analysts' average estimate of $3.40 billion, according to data compiled by LSEG.

Grab faces competition from smaller rivals such as Foodpanda and Indonesia's GoTo in the food delivery space. That only exacerbates worries at a time when consumer sentiment remains weak amid macroeconomic volatilities.

Earlier this month, Reuters reported, citing sources familiar with the matter, that the company was in advanced talks to merge with GoTo as they seek to boost market share as a combined entity.

"Grab does not comment on media speculation or rumors," Chief Financial Officer Peter Oey told Reuters, adding that the company has a very high bar for mergers and acquisitions.

GoTo said that it is not engaged in any discussions about a possible merger transaction.

To get ahead in a highly competitive market, Grab has been attempting to boost its subscriber base and drive higher usage on its app, which provides a wide array of services including food delivery, ride-hailing and its fast-growing financial segment.

"Our subscriber base retention actually has been very healthy, and we have more subscribers on our platform than ever before," with paid members spending four times more than non-subscribers, Oey said.

Fourth-quarter deliveries revenue came in at $407 million, just below an average estimate of $408 million, while revenue for its mobility segment also missed analysts' estimates.

Grab reported overall revenue of $764 million for the fourth quarter, compared with the estimate of $757.6 million.