Investing.com– Singapore’s Grab Holdings Ltd (NASDAQ:GRAB) raised its revenue outlook for the current fiscal year on Monday, sending its U.S.-listed shares surging sharply as the tech giant forecast strength in its core ride-sharing and delivery businesses.
Shares of the firm surged around 13% to $4.950 in aftermarket trade, hitting their highest level since February 2022.
Grab said it expects 2024 revenue between $2.76 billion and $2.78 billion, higher than its prior forecast of $2.70 billion and $2.75 billion.
It also hiked its adjusted EBITDA outlook for the year to $308- $313 million, up from a prior forecast of $250 million- $270 million.
Grab reiterated that it expects to turn cash flow positive in 2024, and said that it expected strong growth in its core Southeast Asian markets.
“We remain bullish on the long-term growth outlook of Southeast Asia, and are firing on
all cylinders to capture the strong user demand trends,” Co-foounder and CEO Anthoney Tan said in a statement.
Grab’s revenue rose 20% in the three months to September 30 to $716 million. The firm clocked a profit of $15 million for the quarter, compared to a loss of $99 million last year.