Grab shares jump after it raises earnings and revenue forecasts

Grab Holdings shares jumped as much as 15 per cent in late US trading after the South-east Asia ride-hailing and delivery leader boosted its earnings forecast for the year, helped by cost cuts to tackle intense competition.

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The company predicted US$308 million (S$410.6 million) to US$313 million in adjusted full-year earnings before interest, taxes, depreciation and amortisation, more than the US$270 million it had forecast earlier.

Earnings for the third quarter ended September on that basis were US$90 million, exceeding the US$66.2 million analysts predicted, and Grab also posted its second net income.

Revenue in 2024 will be as much as US$2.78 billion, Grab said, rather than the up to US$2.75 billion it predicted earlier. Third-quarter revenue rose 17 per cent to US$716 million, compared with the US$697 million that analysts were expecting.