Grab reports strong Q3 results, raises full-year profit forecast

SINGAPORE: Grab Holdings reported third-quarter revenue that surpassed market expectations, prompting the Nasdaq-listed company to raise its full-year profit forecast. The Singapore-based technology company released its third-quarter results for the current fiscal year on Monday, US time. Boosted by continued growth in its mobility and financial services segments, Grab’s revenue for the quarter climbed 22% year-on-year to US$873 million. Net profit for the same period stood at US$17 million (approximately S$22.2 million), up from US$15 million a year earlier. On the back of its stronger-than-expected performance, Grab revised the lower end of its full-year revenue forecast upwards from US$3.33 billion to US$3.38 billion, while maintaining the upper end at US$3.4 billion.