Press release
Grab Reports Third Quarter 2022 Results
Q3 record Revenue of $382 million, up 143% year-over-year Q3 GMV of $5.1 billion, up 26% year-over-year Q3 Loss of $342 million, a 65% improvement
About this update from Grab Holdings Limited
[{"type":"text","content":"\n\nQ3 record Revenue of $382 million, up 143% year-over-year\n\n\nQ3 GMV of $5.1 billion, up 26% year-over-year\n\n\nQ3 Loss of $342 million, a 65% improvement year-over-year\n\n\nAchieved segment adjusted EBITDA breakeven for overall Deliveries and Core Food Deliveries\n\n\nRevised FY2022 revenue guidance to $1.32 billion - $1.35 billion, up from $1.25 billion - $1.30 billion\n\n\nRevised H2 2022 Adjusted EBITDA guidance to negative $315 million, $65 million improvement from negative $380 million and a 40% half-on-half improvement\n\n\n SINGAPORE--(BUSINESS WIRE)--\n\nGrab Holdings Limited (NASDAQ: GRAB) today announced unaudited financial results for the quarter ended September 30, 2022.\n\n“Our third-quarter results demonstrate our ability to drive growth and profitability in tandem. We achieved core food deliveries and overall Deliveries segment-adjusted EBITDA breakeven ahead of guidance while narrowing our overall loss for the period significantly. We accomplished this by staying laser-focused on our cost structure and incentives, while innovating on services that increase synergies within our superapp ecosystem to promote transaction frequency, user retention and engagement. We are confident that we have a strong foundation to continue to scale our business sustainably,” said Anthony Tan, Group Chief Executive Officer and Co-Founder of Grab.\n\n“We are pleased to report a strong third quarter that reflects our accelerated path to profitability. Despite foreign currency translation headwinds and normalizing food delivery demand, our revenue increased 143% year-over-year (“YoY”), with incentive spend as a percentage of GMV reduced substantively to 9.4%, down from 11.4% for the same period last year. In the quarters ahead, we will continue to focus on cash preservation and cost optimization as we execute on our plans to grow sustainably and drive towards our expectations of 45% - 55% YoY revenue growth in 2023 on a constant currency basis,” said Peter Oey, Chief Financial Officer of Grab.\n\nGroup Key Operational and Financial Highlights\n\n\n\n($ in millions, unless otherwise stated)\n\n\n\nQ3 2022\n\n\n\n \n\n\n\nQ3 2021\n\n\n\n \n\n\n\nYoY %\nChange\n\n\n\nYoY %\nChange\n(Constant Currency)\n\n\n\n\n\n \n\n\n\n(unaudited)\n\n\n\n \n\n\n\n(unaudited)\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n\n\nOperating metrics:\n\n\n\n \n\n\n\...