tiprankstipranks
Grab Reports Strong Q3 2024 Financial Performance
Company Announcements

Grab Reports Strong Q3 2024 Financial Performance

Grab ( (GRAB) ) has released its Q3 earnings. Here is a breakdown of the information Grab presented to its investors.

Don't Miss our Black Friday Offers:

Grab Holdings Limited is a leading superapp operating across the deliveries, mobility, and digital financial services sectors in Southeast Asia, facilitating diverse everyday services such as food orders, ride-hailing, and financial transactions through a single platform. In the third quarter of 2024, Grab reported robust financial performance with a 17% year-over-year increase in revenue to $716 million and a positive profit of $15 million. The company’s On-Demand Gross Merchandise Value (GMV) grew 15% year-over-year to $4.7 billion, driven by a 19% rise in Monthly Transacting Users and increased transaction volumes across its services.

The company’s Adjusted EBITDA reached an all-time high of $90 million, marking significant improvement from the previous year. Grab also reported operating cash flow of $338 million and adjusted free cash flow of $76 million, driven by growth in customer deposits in its digital banking segment. Mobility and Deliveries segments saw substantial growth, with Mobility GMV increasing by 20% year-over-year and Deliveries GMV growing by 12%. Additionally, Grab’s financial services experienced a notable 34% increase in revenue.

Grab’s strategic investments are yielding results, with incentives optimized to support product launches and enhance profitability. The company completed share repurchases under its buyback program and maintained a strong cash position with $6.1 billion in liquidity. The financial services segment also showed promising growth, with the loan portfolio expanding by 81% year-over-year.

Looking ahead, Grab remains optimistic about its growth prospects in Southeast Asia, raising its full-year 2024 revenue and Adjusted EBITDA outlook. The company is focused on seizing user demand trends, enhancing income opportunities for partners, and driving technological innovations to improve marketplace efficiency.

Related Articles
TheFlyAltimeter Growth call volume above normal and directionally bullish
TheFlyUnusually active option classes on open November 18th
TheFlyWall Street experts are saying about Alibaba ahead of earnings
Looking for investment ideas? Subscribe to our Smart Investor newsletter for weekly expert stock picks!
Get real-time notifications on news & analysis, curated for your stock watchlist. Download the TipRanks app today! Get the App