(24/7 Market News)– Grab Holdings Limited (NAS: GRAB) reported its financial results, today, for the quarter ended March 31, 2022.
Highlights include outperforming Q1 GMV and TPV guidance for deliveries, mobility and financial services: GMV of $4.8 billion, grew 32% year-over-year (“YoY”); $228 million revenues is a 6% YoY increase; Delivery business revenues grew 70%, to $91 million; and a 35% reduction in losses for the period.
“We are pleased to report strong first quarter results, with our core segments’ GMV and TPV outperforming the high-end of our guidance range. Revenue rose year-on-year, driven by strong GMV growth and higher commission rates1, while our adjusted EBITDA margins improved from the fourth quarter. Looking ahead, we are focused on growing sustainably by being disciplined with our capital, optimizing our fixed cost base and tapering our incentive spend as the market rationalizes. We believe these actions will put us on a path to achieving segment adjusted EBITDA breakeven for deliveries by the end of 2023,” said Peter Oey, Chief Financial Officer of Grab.
To view the original Grab Holdings original press release: https://www.businesswire.com/news/home/20220519005566/en/