Grab Holdings (NASDAQ:GRAB) announced a net profit of $20 million for the second quarter, a significant turnaround from a $68 million loss recorded in the same quarter last year, and surpassing analyst forecasts of $17.53 million.
The Southeast Asian ride-hailing and delivery platform credited its profitability to a positive operating profit, bolstered by rising revenues, improved margins, disciplined expense control, and reduced share-based compensation costs.
The company’s revenue climbed 23% year-over-year to reach $819 million, driven by strong performance in both its on-demand services and financial offerings.
Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) rose sharply by 69% to $109 million for the quarter ending in June.
Grab reaffirmed its full-year adjusted EBITDA guidance, targeting a range between $460 million and $480 million, and anticipates a stronger performance in the second half compared to the first. This outlook excludes restructuring charges, share-based compensation, investment fair-value changes, and other non-recurring costs.
These results were achieved despite ongoing economic challenges in the Southeast Asian market.
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