Grab narrows 1Q24 losses by 54% YoY, boosts FY24 earnings outlook

Loss for the period was US$115m.

Grab raised its earnings forecast for FY24 after narrowing its losses by 54% YoY to US$115m in 1Q24.

In its latest financial statement, Grab said it now expects to record adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) between US$250m-$270m, higher than its previous forecast of US$180m-US$200m.

Grab kept its revenue forecast at US$2.70b-US$2.75b.

The company said it cut its losses for the quarter by US$134m due to improvements in the group's adjusted EBITA and reductions in net interest expenses and share-based compensation expenses.

Loss for the quarter included a US$31m foreign exchange loss and US$94m in non-cash share-based compensation expenses.

Group adjusted EBITDA for 1Q24 was US$62m, an improvement of US$129m YoY, driven by On-Demand gross merchandise value (GMV)  and revenue growths.

On-Demand GMV rose 18% YoY to US$4.2b, whilst revenue grew 24% YoY to US$653m.