Monday, 2 October 2023

Grab reports second quarter 2022 Results

5 min read

SINGAPORE, August 25, 2022 - Grab Holdings Limited (NASDAQ: GRAB) today announced financial results for the quarter ended June 30, 2022.

“Our second quarter results showed that we can grow sustainably. We delivered strong revenue and GMV growth, while improving our unit economics and strengthening our category leadership position across key segments in the region. Our deliveries segment continued to grow, despite tougher year-on-year comparisons and as dine-out trends moderated food delivery demand. Looking ahead, we are laser focused on accelerating our path to profitability. We will get there by doubling down on product innovation that increases user engagement and reduces our cost-to-serve and focusing on growing high quality transactions on our platform,” said Anthony Tan, Group Chief Executive Officer and Co-Founder of Grab.

“In the quarter, we took action to streamline our organizational cost structure. We optimized our fixed costs, shut unprofitable lines of business and continued to taper incentives as a percentage of GMV. As such, we are pulling forward our breakeven timelines for our core food and overall deliveries segment and narrowing our 2022 revenue guide to the upper end of our previously announced range. In the second half, we see slower GMV growth but an improvement in EBITDA compared to the first half due to our cost measures and strategies for growing sustainably,” said Peter Oey, Chief Financial Officer of Grab.

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