Hanoi (VNA) - Singapore's Grab Holdings has raised its forecast for fiscal 2024 revenue, as the firm anticipates robust growth in its food delivery and ride-hailing business services during the busy holiday season.
US-listed shares of the company jumped more than 10% in extended trading.
Grab's mainstay food delivery business has been recovering from a post-pandemic slump in demand as consumers increase their discretionary spending budgets in a sign of economic easing.
Grab CEO Anthony Tan said the firm remains bullish on the long-term growth outlook of Southeast Asia, and is firing on all cylinders to capture the strong user demand trends.
The company expects revenue in the range of 2.76 billion to 2.78 billion USD, compared with its prior projection of between 2.70 billion and 2.75 billion USD.
Grab has been attempting to introduce cheaper options for its ride-hailing services to woo price-wary customers. On the other hand, the firm has been trying to promote its premium offerings as well to boost its earnings.
Grab reported third-quarter revenue of 716 million USD, exceeding Visible Alpha estimates of 700.8 million USD.
The firm also raised its annual core profit forecast to between 308 million and 313 million USD, from 250 million and 270 million USD.
Revenue in the deliveries segment increased 16% to 380 million USD, surpassing estimates of 374.2 million USD./.
Vietnam’s ride-hailing expected to reach 2.16 billion USD by 2029
Vietnam’s ride-hailing market value is estimated at 880 million USD in 2024 and expected to reach 21.6 billion USD by 2029, growing at a compound annual growth rate of 19.5% during the forecast period, according to a recent report by India-based market research firm Mordor Intelligence.
