AGC Stock: Why Altimeter Growth Is Slumping Ahead of the Grab SPAC Merger
AGC Stock: Why Altimeter Growth Is Slumping Ahead of the Grab SPAC Merger
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Shares of special purpose acquisition company (SPAC) Altimeter Growth (NASDAQ:AGC) are down 8% before trading begins today after its reverse merger target, Grab Holdings, reported underwhelming quarterly results. As a result, some investors are worried about the state of AGC stock.
特殊目的收购公司（SPAC）Altimeter Growth（纳斯达克股票代码：AGC）的股价在今天开始交易前下跌了8％，此前其反向合并目标Grab Holdings公布了令人难以置信的季度业绩。因此，一些投资者对AGC股票的状况感到担忧。
Grab, the Singapore-based ride-hailing and food-delivery company, reported third-quarter earnings that were below the expectations of analysts. Furthermore, the company blamed the lackluster results on Covid-19 lockdowns and restrictions in Vietnam. However, both Grab and Altimeter Growth have sought to reassure investors this morning that the two companies remain on track to close their planned merger by year's end. Yet the reassurance doesn't appear to have comforted investors who are selling off AGC stock ahead of the opening bell.
总部位于新加坡的叫车和送餐公司Grab公布的第三季度收益低于分析师的预期。此外，该公司将乏善可陈的业绩归咎于越南的Covid-19封锁和限制。但是，今天上午，Grab和Altimeter Growth都试图向投资者保证，两家公司仍有望在年底之前完成计划中的合并。然而，这种保证似乎并没有安慰那些在开盘前抛售AGC股票的投资者。
What Happened With AGC Stock
AGC 股票发生了什么
Grab announced that its third-quarter net loss widened by 59% to nearly $1 billion ($988 million) from a loss of $621 million a year earlier. The loss for the quarter ended Sept. 30 of this year included $748 million in non-cash items, Grab said in a news release. Additionally, Grab's adjusted earnings loss swelled by 66% to $212 million from $128 million a year ago, due primarily to a decline in mobility amid strict Covid-19 lockdowns in Vietnam. Grab also said its quarterly revenue fell 9% to $157 million from $172 million in the third quarter of 2020. Needless to say, the subpar performance raised eyebrows ahead of the upcoming market debut of Grab stock through a reverse merger with Altimeter Growth.
Grab宣布，其第三季度净亏损从去年同期的6.21亿美元扩大了59％，至近10亿美元（9.88亿美元）。Grab在新闻稿中表示，截至今年9月30日的季度亏损包括7.48亿美元的非现金项目。此外，Grab调整后的收益亏损从去年同期的1.28亿美元激增了66％，至2.12亿美元，这主要是由于越南严格的Covid-19封锁导致流动性下降。Grab还表示，其季度收入从2020年第三季度的1.72亿美元下降了9％，至1.57亿美元。毋庸置疑，在Grab股票即将通过与Altimeter Growth的反向合并上市之前，这种低迷的表现引起了人们的关注。
Grab did report a few bright spots in its latest earnings, including that its gross merchandise value hit a new quarterly record of $4.04 billion, up 32% from $3.06 billion last year in spite of an operating environment that continues to be challenging. Grab also said that its average spend per user increased by 43% year-over-year in the third quarter. Plus, the company said that it continues to successfully execute and grow its mobile app strategy. However, it did not provide specific details. Despite these few highlights, the latest earnings report paints a picture of a company whose growth is decelerating and whose losses are mounting.
Grab确实报告了其最新财报中的一些亮点，包括尽管运营环境仍然充满挑战，但其商品总价值仍创下了40.4亿美元的季度新高，较去年的30.6亿美元增长了32％。Grab还表示，其每位用户的平均支出在第三季度同比增长了43％。此外，该公司表示，将继续成功执行和发展其移动应用程序战略。但是，它没有提供具体细节。尽管有这些亮点，但最新的收益报告描绘了一家增长减速、亏损不断增加的公司的画面。
Why It Matters
为什么重要
Grab's bad Q3 earnings release comes weeks before the company is scheduled to begin life as a publicly traded entity. The poor performance throws cold water on Grab's upcoming market debut. This is why its SPAC partner, Altimeter Growth, is down nearly 10% this morning. Before today, AGC stock had risen 50% over the past month as excitement built for the reverse merger with Grab. Altimeter Growth's share price finished trading yesterday at $15.16 per share, which includes a 30% increase over the last week.
Grab发布的第三季度财报不佳，是在该公司计划作为上市实体开始运作的几周前发布的。糟糕的表现给Grab即将上市的市场带来了冷水。这就是为什么其SPAC合作伙伴Altimeter Growth今天上午下跌了近10％的原因。今天之前，由于人们对与Grab的反向合并越来越兴奋，AGC的股票在过去一个月中上涨了50％。Altimeter Growth的股价昨天收于每股15.16美元，其中包括比上周上涨30％的涨幅。
At the same time, there has been a lot of short interest in AGC stock lately and chatter on social media sites about executing a short squeeze on the shares. While it's not clear if the recent 50% increase in Altimeter Growth's stock was due to it being treated like a meme stock, the move lower today suggests that the fundamentals related to Grab are being factored in by investors. And while Grab's disappointing performance is not likely to derail its planned market debut in coming weeks, it could impact the price of its stock and its immediate performance once the reverse merger is completed.
同时，最近人们对AGC股票产生了很多空头兴趣，社交媒体网站上也有关于对股票进行空头挤压的争论。尽管目前尚不清楚Altimeter Growth股票最近上涨50％是否是由于将其视为模因股，但今天的走低表明投资者正在考虑与Grab相关的基本面。尽管Grab令人失望的表现不太可能影响其计划在未来几周内首次亮相的市场，但一旦反向合并完成，它可能会影响其股票价格及其直接表现。
What's Next for AGC Stock
AGC 股票的下一步是什么
AGC stock is going to take a hit at the start of trading today. The question is whether Altimeter Growth's share price will continue to slump in the lead-up to its reverse merger with Grab. Or, on the other hand, if excitement over Grab's market debut will override concerns about its poor financial results. Investors should keep an eye on Altimeter Growth's stock in coming weeks for signs of how Grab's market debut will be impacted. While this SPAC deal is still proceeding, expectations for its success have been lowered.
AGC股票将在今天的交易开始时受到打击。问题在于，在与Grab进行反向合并之前，Altimeter Growth的股价是否会继续下跌。或者，另一方面，对Grab首次亮相市场的兴奋是否会压倒对其财务业绩不佳的担忧。投资者应在未来几周内密切关注Altimeter Growth的股票，以了解Grab的首次亮相将受到怎样影响的迹象。尽管这笔SPAC交易仍在进行中，但对其成功的预期有所降低。
On the date of publication, Joel Baglole did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
在出版之日，乔尔·巴格洛尔没有（直接或间接）持有本文所述证券的任何头寸。本文中表达的观点是作者的观点，受 InvestorPlace.com 约束出版指南。
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