Grab returns to profit in Q3, raises 2024 revenue forecast
Group-adjusted Ebitda is US$90 million for the quarter, an improvement of 224% year on year
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GRAB on Tuesday (Nov 12) reported third-quarter earnings that showed it turning back to being profitable. The company also raised its forecast for the full-year 2024 revenue on expectations of strong growth.
It reported profit of US$15 million for the third quarter, a turnaround from a loss of US$99 million the year before. The profit was due to improvements in group-adjusted earnings before interest, taxes, depreciation and amortisation (Ebitda), as well as an increase in net finance income and lower share-based compensation expenses, said the company.
That compared against a Bloomberg poll of nine analysts which estimated a loss of US$27.1 million for net income under generally accepted accounting principles.
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