Summary by Moomoo AI
On May 16, 2024, Grab Holdings Limited, a leading superapp in Southeast Asia, reported its financial results for the first quarter of 2024. The company announced a 24% year-over-year revenue increase to $653 million, with On-Demand GMV growing 18% to $4.2 billion. Grab's operating loss improved by $129 million to $(75) million, and Adjusted EBITDA reached an all-time high of $62 million. The company also raised its 2024 Adjusted EBITDA guidance from $180 - $200 million to $250 - $270 million. These results reflect Grab's focus on product-led growth, affordability, and reliability, which have attracted more users and increased order frequency. The company's strategic changes in segment reporting align with industry peers and focus on On-Demand businesses and ecosystem transactions. Grab's cash liquidity at the end of the quarter was $5.3 billion, with net cash liquidity at $5.0 billion after repaying the remaining $497 million balance of its Term Loan B and repurchasing approximately $97 million worth of shares. The company's outlook for FY 2024 remains unchanged for revenue, with an increase in the Adjusted EBITDA guidance.