Grab Holdings beats quarterly revenue estimates
Grab Holdings
beat Wall Street expectations for
first-quarter revenue
on Tuesday, as the company benefited from strong spending on its
ride-hailing
and
food delivery
platform despite strong competition.
#Pahalgam Terrorist Attack
The groundwork before India mounts a strike at Pakistan
India considers closing airspace to Pakistani carriers amid rising tensions
Cold Start: India's answer to Pakistan's nuclear threats
The company reported revenue of $773 million in the first quarter, compared with estimates of $762.6 million, according to data compiled by LSEG.
US-listed shares of the Singapore-based company were up more than 1% in extended trading.
Grab's move to make its platform a "
superapp
" by incorporating
financial services
has strengthened its dominant position in
Southeast Asia
's online services industry, even as economic uncertainty weighs on consumer sentiment.
Revenue for the company's deliveries segment rose 18% to $415 million in the quarter ended March 31, compared with analysts' expectations of $396 million.
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