Salem Radio Network News Wednesday, August 10, 2022

Business

Grab reports rise in revenue on strong demand for food delivery

(Reuters) -Grab Holdings Ltd, Southeast Asia’s No. 1 ride-hailing and food delivery firm, on Thursday reported a 6% rise in quarterly revenue as more people ordered food online.

The company also benefited from growing demand for ride-share as people resume their pre-pandemic routines.

Grab said gross merchandise volume (GMV), a measure of transaction volume, rose 32% in the first quarter to $4.8 billion from a year earlier.

For the second quarter, Grab forecast GMV for deliveries between $2.55 billion and $2.65 billion, and for the mobility segment to be between $0.95 billion and $1 billion, betting the worst of the pandemic was over.

The company expects supply of cars on the road to stabilize in the second half of the year, and that driver incentives as a percentage of GMV to taper in that period.

Revenue for the first quarter was $228 million, compared with $216 million a year earlier.

Loss for the period narrowed to $435 million from $666 million.

(Reporting by Nivedita Balu in Bengaluru)

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