Grab Shares Pop On Q3 Beat, Guidance Boost

  • Grab Holdings Limited GRAB reported third-quarter FY22 revenue growth of 143% year-on-year to $382 million, beating the consensus of $340.8 million.
  • Revenue for Deliveries segment rose 250% Y/Y to $171 million, driven by Jaya Grocer. 
  • Mobility revenue was $176 million, up 101% Y/Y as Southeast Asia opened up. Financial Services revenue rose 44% Y/Y to $20 million. 
  • Revenue for Enterprise and New Initiatives segment increased by 113% Y/Y to $15 million.
  • GMV grew 26% Y/Y to reach $5.08 billion. Delivery GMV improved 5% Y/Y, Mobility GMV grew 105% Y/Y, Financial Services GMV grew 31% Y/Y, and Enterprise and New Initiatives GMV rose 18% Y/Y.
  • MTUs grew by 30% Y/Y to 33.5 million. The average spend per user decreased by 3% Y/Y to $151.
  • Adjusted EBITDA loss margin improved by 209 bps to (3.2)%. Adjusted EBITDA loss was $(161) million, an improvement of 24% Y/Y.
  • EPS loss of $(0.08) beat the consensus loss of $(0.12).
  • Outlook: Grab sees Q4 Deliveries GMV of $2.40 billion - $2.50 billion, Mobility GMV of $1.10 billion - $1.15 billion, and Financial Services Pre-InterCo TPV of $3.60 billion - $3.70 billion.
  • Grab updated FY22 GMV growth outlook to 22% - 25% Y/Y from the previous 21% - 25% Y/Y. It raised revenue to $1.32 billion - $1.35 billion, up from the last $1.25 billion - $1.30 billion, below the consensus of $1.83 billion.
  • Price Action: GRAB shares traded higher by 6.54% at $3.33 on the last check Wednesday.
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