Grab, a ride-hailing giant in Southeast Asia, announced its first-quarter financial results for the 2020 fiscal year before the market opened on Thursday (19th). Narrowed, and optimistic that the business will continue to rebound and grow in the future.
Grab (GRAB-US)’s dazzling financial report inspired the stock price to rise nearly 8% before the market, and it rose all the way after the opening, soaring to 30.63% as of the intraday, with a tentative report of $3.31 per share and a market value of $12.58 billion.
Grab’s first-quarter (as of 3/31) revenue increased 5.6% year-on-year to $228 million, much higher than market expectations of $139.2 million; net loss narrowed to $435 million, down 35% from the same period last year, adjusted After the loss per share of 0.11 US dollars, a loss per share of 3.18 US dollars in the same period last year.
By business, Grab’s food delivery business revenue in the first quarter increased by 70% to $91 million; ride-hailing business revenue was $112 million, down 22% year-on-year; financial services revenue was $11 million, up 52% year-on-year; Corporate and other new business revenue was $14 million, up 34% from the same period last year.
Grab’s quarterly gross merchandise value (GMV) and total payment value (TPV) for food delivery, ride-hailing and financial services in the first quarter were better than expected, with total GMV of $4.805 billion, up 32% year over year. Monthly active users (MTU) increased 10% year over year to 30.9 million last quarter; GMV from MTU was $155, up 19% year over year.
Grab estimates that this year’s revenue will be between 1.2 billion and 1.3 billion US dollars, and the total GMV will grow by 30%-35% for the whole year, and it will continue to expand its service territory. At present, Grab’s business tentacles extend to 8 Southeast Asian countries.
Grab chief executive Anthony Tan said the company’s business will continue to strengthen as many countries turn to coexist with the pandemic, and first-quarter results demonstrate the economic resilience of Southeast Asia as we navigate the worst of the pandemic. Grab Chief Financial Officer Peter Oey said the food delivery business was recovering strongly, which was the highlight of last quarter’s earnings report.