(Reuters) -Grab Holdings beat Wall Street expectations for second-quarter revenue on Wednesday, as consumers boosted spending on its ride-hailing and food delivery platform despite global economic uncertainty.
The Singapore-based company reported revenue of $819 million, above analysts’ expectations of $811.3 million, according to LSEG data.
Grab’s push to turn its platform into a superapp, integrating ride-hailing, food and grocery delivery, and other digital services, has drawn a growing number of users willing to pay for its subscription plans.
While ongoing U.S. trade negotiations have cast a cloud over global economic stability, leading to concerns about tariffs and elevated costs in Southeast Asia, the Singaporean economy has remained resilient. It grew 4.3% in the second quarter, avoiding a technical recession.
Grab posted a profit of $20 million for the quarter, compared with a $68 million loss in the same period a year earlier.
(Reporting by Zaheer Kachwala in Bengaluru; Editing by Tasim Zahid)
Comments