Grab Stock Is Trading Lower After Q1: Here's The Details

Grab Holdings Limited GRAB reported first-quarter FY23 revenue growth of 130% year-on-year (139% Y/Y on a constant currency basis) to $525 million, beating the consensus of $490.1 million. EPS loss of $(0.06) is in line with the consensus.
Revenue for Deliveries segment rose 203% Y/Y (217% Y/Y on a CC basis) to $275 million, driven by Jaya Grocer.
Mobility revenue was $194 million, up 72% Y/Y (77% Y/Y on a CC basis) as Southeast Asia opened up. Financial Services revenue rose 233% Y/Y (245% Y/Y on a CC basis) to $38 million.
Revenue for Enterprise and New Initiatives segment increased by 29% Y/Y (33% Y/Y on a CC basis) to $18 million.
GMV grew 3% Y/Y to reach $4.96 billion. Delivery GMV declined by 9% Y/Y, Mobility GMV grew 46% Y/Y, Financial Services GMV was flat Y/Y, and Enterprise and New Initiatives GMV fell by 21% Y/Y.
MTUs grew by 8% Y/Y to 33.3 million. The average spend per user decreased by 4% Y/Y to $149.
Adjusted EBITDA loss margin was 1.3% for the quarter, an improvement from 6.0% loss in the first quarter of 2022. Adjusted EBITDA loss was $66 million, an improvement of 77% Y/Y.
Outlook: Grab reiterates FY23 revenue of $2.20 billion - $2.30 billion, up by 54% - 60% Y/Y vs. consensus $2.24 billion, and adjusted EBITDA breakeven n Q4 2023.
Price Action: GRAB shares traded lower by 1.55% at $3.17 premarket on the last check Thursday.
Photo via Wikimedia Commons

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