Grab Registers 79% Revenue Growth In Q2 Aided By Pandemic Recovery

Grab Registers 79% Revenue Growth In Q2 Aided By Pandemic Recovery
  • Grab Holdings Limited GRAB reported second-quarter FY22 revenue growth of 79% year-on-year to $321 million.
  • Revenue for Deliveries rose 199% Y/Y to $134 million, driven by Jaya Grocer. 
  • Mobility revenue was $161 million, up 37% Y/Y as Southeast Asia opened up. Financial Services revenue rose 94% Y/Y to $13 million. 
  • Revenue for Enterprise and new initiatives increased by 30% Y/Y to $14 million.
  • GMV grew 30% Y/Y to reach $5.1 billion. Delivery GMV improved 19% Y/Y, Mobility GMV grew 51% Y/Y, Financial Services GMV grew 38% Y/Y, and Enterprise and New Initiatives GMV rose 51% Y/Y.
  • MTUs grew by 12% Y/Y to 32.6 million. The average spend per user increased by 16% Y/Y to $155.
  • Adjusted EBITDA loss margin improved 90 bps to (4.6)%. Adjusted EBITDA was $(233) million.
  • Outlook: Grab sees Q3 Deliveries GMV of $2.4 billion - $2.5 billion, Mobility GMV of $1.05 billion - $1.10 billion, Financial Services Pre-InterCo TPV of $3.8 billion - $3.9 billion.
  • Grab cut FY22 GMV growth outlook to 21% - 25% Y/Y from previously expected 30% - 35%. It sees revenue of $1.25 billion - $1.30 billion, at the higher end of $1.2 billion - $1.3 billion versus the consensus of $1.25 billion.
  • Price Action: GRAB shares traded higher by 4.44% at $3.76 in the premarket on the last check Thursday.
  • Photo Via Wikimedia Commons

Posted In: BriefsEarningsNewsPenny StocksGuidance