Southeast Asian Superapp Grab Holdings’ (NASDAQ:GRAB) shares are trending lower today after the company announced first-quarter numbers.
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Revenue surged 130.3% year-over-year to $525 million, surpassing estimates by $20 million. Additionally, the net loss per share at $0.06 came in line with the Street’s expectations. Impressively, the company managed to lower its adjusted EBITDA loss by 77% as compared to the prior year during this period.
In Q1, Grab clocked a gross merchandise value of $4.96 billion on the back of growth in Mobility. The company had $5 billion in net cash liquidity at the end of Q1 and remains focused on driving cost efficiencies.
Looking ahead, for full-year 2023, Grab now expects revenue to land between $2.20 billion and $2.30 billion. Adjusted EBITDA loss is anticipated between $195 million and $235 million.
Overall, the Street has a $3.90 consensus price target on Grab alongside a Moderate Buy consensus rating.
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