Grab Holdings Ltd ( GRAB ) shares fell sharply on Tuesday after the Singapore-based superapp operator reported fiscal third-quarter 2025 results.

The company posted revenue of $873.00 million, up 22% year-on-year, or 17% on a constant-currency basis, slightly ahead of the analyst consensus estimate of $872.87 million.

Earnings per share were 1 cent, matching expectations.

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Incentives Rise; User Spend Ramps

Total incentives reached $585 million during the quarter. On-Demand incentives accounted for 10.1% of On-Demand gross merchandise value (GMV), up 21 basis points from a year earlier, as Grab continued to drive adoption of its Mobility and Deliveries offerings. On-Demand GMV per monthly transacting user (MTU) rose 7% to $133.

Segment Performance

Deliveries revenue climbed 23% year-over-year, or 17% on a constant-currency basis, to $465 million, supported by continued expansion in Deliveries GMV and advertising revenue.

Mobility revenue increased 17% year-on-year, or 13% on a constant-currency basis, to $317 million, propelled by growth in monthly users and total transactions. The number of Mobility transactions advanced 30% year-over-year, outpacing GMV growth.

Financial Services revenue rose 39% to $90 million.

Strong GMV and MTU Gains

On-Demand GMV grew 24% year-on-year to $5.77 billion. Deliveries GMV rose 26%, while Mobility GMV increased 20%. Group MTUs advanced 14% to 47.7 million. Group adjusted EBITDA improved to $136 million from $90 million a year earlier.

Chief Executive Officer Anthony Tan said the company's growth engine continued to strengthen, noting that On-Demand GMV climbed 24% year-over-year (20% on a constant-currency basis) and adjusted EBITDA increased for the fifteenth consecutive quarter.

Tan added that Grab will keep driving innovation, investing strategically in Financial Services and exploring opportunities in autonomous vehicles and remote driving.

Full-Year Outlook

For fiscal 2025, Grab expects revenue of $3.38 billion to $3.40 billion, compared with its prior range of $3.33 billion to $3.40 billion and versus the analyst consensus estimate of $3.41 billion.

The company also projects adjusted EBITDA of $490 million to $500 million, implying 57%–60% year-over-year growth, up from its previous range of $460 million to $480 million (47%–53% year-over-year).

Price Action: GRAB shares were trading lower by 7.58% to $5.610 premarket at last check Tuesday.

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