- Grab narrows Q2 loss to $53 million.
- Revenue rises 17% to $664 million.
- Company achieves positive adjusted EBITDA, misses analyst estimates slightly.
Superapp superpowers activate
Grab, Southeast Asia’s leading superapp, reported a narrowed loss of US$53 million for Q2 2023, down from US$135 million in the same period last year.
Revenue surged 17% to US$664 million, driven by growth across all segments. However, both figures fell short of analyst expectations, causing a slight dip in pre-market trading.
User base boom and future outlook
The company achieved a significant milestone by posting positive adjusted EBITDA of US$64 million, reversing last year’s loss.
This marks Grab’s 10th consecutive quarter of adjusted EBITDA growth. The improved performance stems from expanding on-demand gross merchandise value (GMV) and revenue, coupled reduced regional corporate costs.
Grab hit a record high of 41 million monthly transacting users in Q2. Looking ahead, CFO Peter Oey expressed confidence in achieving positive adjusted free cash flow for the full year 2024.
Despite missing some analyst estimates, Grab’s narrowing losses and growing user base signal potential for future profitability in the competitive Southeast Asian market.
To read the original article: https://www.techinasia.com/grabs-q2-loss-narrows-53m-misses-analyst-estimates
