Key facts
- Grab raised its annual revenue forecast for fiscal 2024.
- The company expects revenue between $2.76 billion and $2.78 billion.
- Grab's previous forecast was between $2.70 billion and $2.75 billion.
- Grab's food delivery business is recovering from a post-pandemic slump.
- Grab is introducing cheaper ride-hailing options and promoting premium offerings.
Singapore's Grab Holdings has raised its revenue forecast for fiscal year 2024, citing anticipated strong growth in its food delivery and ride-hailing segments, particularly during the busy holiday season. The company now projects revenue between $2.76 billion and $2.78 billion, an increase from its previous guidance of $2.70 billion to $2.75 billion. Grab's core food delivery business is showing signs of recovery as consumer spending increases. To attract price-sensitive customers, the firm is introducing more affordable ride-hailing options while also promoting premium services to enhance earnings. Grab CEO Anthony Tan expressed optimism about the long-term growth prospects in Southeast Asia, stating the company is focused on capturing strong user demand trends. Following the announcement, Grab's U.S.-listed shares surged over 10% in extended trading.