May 15 (Reuters) - Grab Holdings ( GRAB ) raised its

full-year profit forecast on Wednesday after reporting a

higher-than-expected quarterly revenue, driven by recent

cost-reduction measures and robust demand for its ride-share

services.

A significant restructuring at Grab, which included

reducing 1,000 jobs and slashing some technology costs in 2023,

is helping the company push ahead in its goal to deliver

positive free cash flow this year.

In an interview with Reuters, CFO Peter Oey said a surge in

Southeast Asian tourism, along with an increase in corporate

events and concerts in the last quarter, bolstered the demand

for ride-share services.

U.S.-listed shares of Grab gained 2% in extended trading

following the results, which came in several hours after the

markets closed.

The company's revenue rose 24% to $653 million in the

first quarter ended March 31, surpassing analysts' estimates of

$642.4 million, as per LSEG data. It reported adjusted core

profit of $62 million versus a $67 million loss last year.

Grab's food delivery business, its largest revenue

stream, and the ride-share business grew 19% and 27%,

respectively, outperforming Visible Alpha's consensus estimates.

The strong showing from Grab, one of Southeast Asia's

biggest tech firms, highlights increased discretionary spending

by consumers in the region.

Grab now projects an adjusted core profit between $250

million and $270 million this year, up from its previous

forecast of $180 million to $200 million. It maintained its

revenue projection at $2.70 billion-$2.75 billion.

The company disclosed a $97 million repurchase of its Class

A shares, part of a $500 million buyback plan announced in

February.