{"id":815162,"date":"2024-12-27T03:19:20","date_gmt":"2024-12-27T09:19:20","guid":{"rendered":"https:\/\/newsycanuse.com\/index.php\/2024\/12\/27\/singapores-grab-raises-annual-revenue-forecast-shares-jump-money-news\/"},"modified":"2024-12-27T03:19:20","modified_gmt":"2024-12-27T09:19:20","slug":"singapores-grab-raises-annual-revenue-forecast-shares-jump-money-news","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2024\/12\/27\/singapores-grab-raises-annual-revenue-forecast-shares-jump-money-news\/","title":{"rendered":"Singapore’s Grab raises annual revenue forecast, shares jump, Money News"},"content":{"rendered":"
\n

Singapore’s Grab Holdings\u00a0raised its forecast for fiscal 2024 revenue on Monday (Nov 11), as the Southeast Asian tech firm anticipates robust growth in its food delivery and ride-hailing businesses during the busy holiday season.<\/p>\n

US-listed shares of the company jumped more than 10 per cent in extended trading.<\/p>\n

Grab’s mainstay food delivery business has been recovering from a post-pandemic slump in demand as consumers increase their discretionary spending budgets in a sign of economic easing.<\/p>\n

“We remain bullish on the long-term growth outlook of Southeast Asia, and are firing on all cylinders to capture the strong user demand trends,” Grab CEO Anthony Tan said.<\/p>\n

The company expects revenue in the range of US$2.76 billion (S$3.67 billion)\u00a0to US$2.78 billion, compared with its prior projection of between US$2.70 billion and US$2.75 billion.<\/p>\n

Grab has been attempting to introduce cheaper options for its ride-hailing services to woo price-wary customers. On the other hand, the firm has been trying to promote its premium offerings as well to boost its earnings.<\/p>\n

The margins for the more premium rides are 1.2 times higher than the standard rides offered by the company, CFO Peter Oey told Reuters.<\/p>\n

Grab reported third-quarter revenue of US$716 million, exceeding Visible Alpha estimates of US$700.8 million.<\/p>\n

Oey said transactions made by customers were up 22 per cent in the third quarter and subscribers of the company’s services spend four times that of non-subscribers.<\/p>\n

The firm also raised its annual core profit forecast to between US$308 million and US$313 million, from US$250 million and US$270 million.<\/p>\n

Revenue in the deliveries segment increased 16 per cent to US$380 million, surpassing estimates of US$374.2 million.<\/p>\n

The company left its annual adjusted free cash flow forecast unchanged and beat estimates in its financial segment.<\/p>\n

On an adjusted basis, the company earned one\u00a0cent per share, compared with estimates of a break-even quarter, as per data compiled by LSEG.<\/p>\n

[[nid:706171]]<\/p>\n<\/div>\n

Elroy Culton
Read More<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Singapore’s Grab Holdings\u00a0raised its forecast for fiscal 2024 revenue on Monday (Nov 11), as the Southeast Asian tech firm anticipates robust growth in its food delivery and ride-hailing businesses during the busy holiday season. US-listed shares of the company jumped more than 10 per cent in extended trading. Grab’s mainstay food delivery business has been<\/p>\n","protected":false},"author":1,"featured_media":815163,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2030,30626],"tags":[6628,95238],"class_list":{"0":"post-815162","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-raises","8":"category-singapores","9":"tag-raises","10":"tag-singapores"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/815162","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=815162"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/815162\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/815163"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=815162"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=815162"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=815162"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}