financetom
World
financetom
/
World
/
Singapore's Grab misses quarterly revenue estimates, shares drop
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Singapore's Grab misses quarterly revenue estimates, shares drop
Aug 15, 2024 4:19 AM

(Reuters) - Grab Holdings ( GRAB ) missed second-quarter revenue estimates as demand faltered in its ride-share and food-delivery services, sending its U.S.-listed shares down 7% in premarket trading on Thursday.

Revenue rose 17% to $664 million in the quarter ended June 30, compared with analysts' estimates of $673.3 million, according to LSEG data.

Sales from the food delivery business - its largest - grew 11% to $356 million, lower than Visible Alpha estimates of $362.1 million. Ride-share revenue grew a worse-than-expected 14%.

Grab, which competes with Gojek, now part of Indonesia's GoTo Gojek Tokopedia, said in February revenue growth will accelerate in the years beyond 2024 as investments in new products bear fruit.

The company retained its full-year revenue forecast of $2.70 billion to $2.75 billion.

(Reporting by Yuvraj Malik in Bengaluru; Editing by Devika Syamnath)

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
MORNING BID ASIA-China PMIs, Tokyo CPI eyed; month-end mood dims
MORNING BID ASIA-China PMIs, Tokyo CPI eyed; month-end mood dims
May 30, 2024
May 31 (Reuters) - A look at the day ahead in Asian markets. An Asian economic calendar on Friday overflowing with top-tier indicators awaits investors, who look set to close out the week and the month on a downbeat note as worries grow over the strength of the U.S. and global economies. Investors often cheer 'bad news' on the U.S....
CANADA STOCKS-TSX rallies as RBC notches biggest gains in four years
CANADA STOCKS-TSX rallies as RBC notches biggest gains in four years
May 30, 2024
* TSX ends up 0.79% at 22,071.71 * RBC, CIBC jump as earnings beat estimates * Energy gains despite lower oil prices * Technology falls 1.84% (Updates at market close) By Fergal Smith May 30 (Reuters) - Canada's main stock index rebounded on Thursday as Royal Bank of Canada ( RY ) reported stronger than expected earnings to round out...
EMERGING MARKETS-Mexican peso falls with eyes on election, easing dollar caps losses
EMERGING MARKETS-Mexican peso falls with eyes on election, easing dollar caps losses
May 30, 2024
* Capital flows to EM to net $903 bln in 2024, IIF says * Rand weakens by more than 1% as vote count underway (Updated at 3:30 p.m. ET/1930 GMT) By Sruthi Shankar and Shashwat Chauhan May 30 (Reuters) - The Mexican peso slipped for a third straight day on Thursday with focus on the upcoming presidential election in Latin...
Morning Bid: China PMIs, Tokyo CPI eyed; month-end mood dims
Morning Bid: China PMIs, Tokyo CPI eyed; month-end mood dims
May 30, 2024
(Reuters) - A look at the day ahead in Asian markets. An Asian economic calendar on Friday overflowing with top-tier indicators awaits investors, who look set to close out the week and the month on a downbeat note as worries grow over the strength of the U.S. and global economies. Investors often cheer 'bad news' on the U.S. economy by...
Copyright 2023-2025 - www.financetom.com All Rights Reserved