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Investing.com -- Grab Holdings (NASDAQ:GRAB) reported a net profit of $20 million in the second quarter, compared with a $68 million loss in the same period a year earlier, exceeding analyst expectations of $17.53 million.
The Southeast Asian ride-hailing and delivery specialist attributed its profitability to positive operating profit, supported by revenue increases, improved margins, disciplined cost management and lower share-based compensation expenses.
Revenue for the Nasdaq-listed company rose 23% to $819 million, driven by growth across on-demand and financial services segments.
Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) increased 69% to $109 million for the quarter ended June.
Grab maintained its annual adjusted EBITDA forecast at between $460 million and $480 million, and expects a stronger second half of the year compared with the first half. This metric excludes restructuring costs, share-based compensation expenses, fair-value changes on investments and other expenses.
The company delivered these results despite ongoing economic uncertainties in the region.
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