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Grab bounces back with US$11m profit in 4Q23
In 3Q23, the company recorded a loss of US$391m ($524.8m).
The fourth quarter of fiscal year 2023 (4Q23) marked Grab's first profitable quarter after its merger with Altimeter Growth Corporation.
Grab recorded a profit of US$11m ($14.8m) in 4Q23, a reversal from its US$391m ($524.8m) loss in the preceding quarter.
In 4Q23, the Nasdaq-listed company also reported a 30% YoY higher revenue of US$653m ($876.5m) and an improved adjusted EBITDA of US$35m ($46.98m)
Despite recording a profit in 4Q23, Grab still recorded a loss for the financial year 2023 (FY23) of US$485m ($651m).
Compared with FY22, however, Grab cut its losses by 65% YoY.
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