Press release
Grab Reports First Quarter 2023 Results
Q1 2023 Revenue grew 130% year-over-year to $525 million1 Q1 2023 Loss for the period improved by 43% year-over-year to $250 million Q1 2023 Adjusted EBITDA
About this update from Grab Holdings Limited
[{"type":"text","content":"\n\nQ1 2023 Revenue grew 130% year-over-year to $525 million1\n\n\n\nQ1 2023 Loss for the period improved by 43% year-over-year to $250 million\n\n\n\nQ1 2023 Adjusted EBITDA improved by 77% year-over-year to $(66) million, with Deliveries Segment Adjusted EBITDA margins at an all time high\n\n\n\n \n\n\n SINGAPORE--(BUSINESS WIRE)--\nGrab Holdings Limited (NASDAQ: GRAB) today announced unaudited financial results for the first quarter ended March 31, 2023.\n\n\n“This quarter, we reported another solid set of results which reflects our disciplined focus to drive sustainable growth and profitability. Our revenues for the quarter more than doubled year-over-year (“YoY”)1, while we reduced our Adjusted EBITDA losses by 77% YoY,” said Anthony Tan, Group Chief Executive Officer and Co-Founder of Grab. “With five sequential quarters of Adjusted EBITDA improvements, we remain on track on our path to profitability, and to achieve Group Adjusted EBITDA breakeven in the fourth quarter of this year. We are confident that we can drive growth for Mobility and Deliveries, and create more income opportunities for our partners to meet the growing demand from both travelers and domestic consumers.”\n\n\n“We are pleased with our first quarter results, with strong revenue growth and profitability improvements across all of our segments, supported by a strong balance sheet. On the back of the solid first quarter performance, we are revising-up our Adjusted EBITDA guidance range by $80 million to $90 million, to $(195) million to $(235) million for the full year 2023,” said Peter Oey, Chief Financial Officer of Grab. “We remain focused on driving cost efficiencies across our organization and improving operating leverage.”\n\n\nGroup First Quarter 2023 Key Operational and Financial Highlights\n\n\n\n\n($ in millions,\n\n\n\n\nunless otherwise stated)\n\n\n\n\n\n\nQ1 2023\n\n\n\n\n\n\nQ1 2022\n\n\n\n\n\n\nYoY %\n\n\n\n\nChange\n\n\n\n\n\n\nYoY %\n\n\n\n\nChange\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n(unaudited)\n\n\n\n\n\n\n(unaudited)\n\n\n\n\n\n\n \n\n\n\n\n\n\n(constant currency2)\n\n\n\n\n\n\n\n\nOperating metrics:\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\nGMV\n\n\n\n\n\n\n4,958\n\n\n\n\n\n\n4,805\n\n\n\n\n\n\n3%\n\n\n\n\n\n\n7%\n\n\n\n\n\n\n\n\nMTUs (millions of users)\n\n\n\n\n\n\n33.3\n\n\n\n\n\n\n30.9\n\n\n\n\n\n\n8...