Singapore mobility mavens Grab finally grabbed hold of some green in Q3, swinging to a group-adjusted EBITDA profit of $29 million.
After burning through cash quicker than a Waymo on autopilot, Grab hit the brakes on losses and made a sharp turn towards the black.
CEO says “we’re making moves”
“We’re making money moves,” said Grab CEO Anthony Tan.
Our progress remains anchored on grooving our marketplace, building rad services for users, and empowering entrepreneur homies on our platform.”
Revenue on the up and up
Grab’s delivery revenue zoomed up 79% to $306 million as they pumped incentives, greased GMV growth, and changed up delivery models.
Mobility revenue also cruised up 31% to $231 million as tourism rebounded and domestic demand accelerated. Financial services revenue shifted into overdrive, rocketing up 156% to $50 million.
With momentum shifting into high gear, Grab downshifted their 2023 revenue outlook to $2.31 to $2.33 billion after originally estimating $2.2 to $2.3 billion.
And what about Delivery Hero?
Plot twist – Grab may gobble up part of Delivery Hero’s Southeast Asia ops including Foodpanda. But regulators could throw up roadblocks if the deal risks crowding out competition.
The path to profitability continues!
So for now, Grab can enjoy the open road ahead as they’ve reached an important pit-stop on their journey to profitability.
But there’s still a long road ahead and plenty of hairpin turns. As any Grab driver knows, you gotta keep two hands on the wheel.
