Singapore's Grab misses quarterly revenue estimates
Technology
Singapore's Grab misses quarterly revenue estimates
(Reuters) - Grab Holdings missed second-quarter revenue estimates as demand faltered in its ride-share and food-delivery services, sending its US-listed shares down 7% in premarket trading on Thursday.
Revenue rose 17% to $664 million in the quarter ended June 30, compared with analysts' estimates of $673.3 million, according to LSEG data.
Sales from the food delivery business - its largest - grew 11% to $356 million, lower than Visible Alpha estimates of $362.1 million. Ride-share revenue grew a worse-than-expected 14%.
Grab, which competes with Gojek, now part of Indonesia's GoTo Gojek Tokopedia said in February that revenue growth will accelerate beyond 2024 as investments in new products bear fruit.
