Grab Holdings Limited
Revenue for the Deliveries segment rose 79% year-on-year (82% year-on-year on a CC basis) to $306 million, driven by reduced incentives, GMV growth, and a change in the business model.
Mobility revenue was $231 million, up 31% year-on-year (31% year-on-year on a CC basis) as Southeast Asia opened up. Financial Services revenue rose 156% year-on-year to $50 million.
Revenue for the Enterprise and New Initiatives segment increased by 83% year-on-year to $28 million.
GMV grew 5% year-on-year to reach $5.34 billion. Delivery GMV grew by 7% year-on-year, Mobility GMV grew 30% year-on-year, Financial Services GMV declined by 15 year-on-year, and Enterprise and New Initiatives GMV grew by 4% year-on-year.
MTUs grew by 7% year-on-year to 36 million. The average spend per user decreased by 2% year-on-year to $148.
Group Adjusted EBITDA grew to $29 million, delivering Grab's first Adjusted EBITDA profitable quarter.
"Revenues grew 61% year-over-year while Deliveries Segment Adjusted EBITDA margin expanded to 3.4% amid continued Deliveries GMV growth," CFO Peter Oey said.
Outlook: Grab raised FY23 revenue to $2.31 billion - $2.33 billion (prior $2.20 billion - $2.30 billion) vs. consensus $2.33 billion.
Grab started as a taxi-hailing app, extending its products to include ride-hailing, food, grocery and package delivery, and financial services.
Price Action: GRAB shares traded higher by 4.55% at $3.34 on the last check Thursday.