Grab (US:GRAB) globenewswire.comยท2024-05-15 22:45Core Insights - Grab Holdings Limited reported strong financial results for Q1 2024, highlighting a focus on product-led growth and profitability improvements [2][7][10] Financial Performance - Revenue increased by 24% year-over-year to $653 million, or 29% on a constant currency basis [7][10] - On-Demand GMV grew by 18% year-over-year to $4.2 billion, with a 21% increase on a constant currency basis [7][10] - Adjusted EBITDA reached an all-time high of $62 million, improving by $129 million year-over-year [7][10] - Operating loss improved to $(75) million, a $129 million improvement from the previous year [7][10] Operational Highlights - Monthly Transacting Users (MTUs) increased to 38.5 million, up 16% year-over-year [6] - On-Demand MTUs rose by 19% year-over-year to 34.4 million [6] - Total incentives for the quarter were $416 million, with On-Demand incentives as a percentage of GMV reducing to 9.7% from 10.7% year-over-year [7][10] Segment Performance - Deliveries segment revenue grew by 19% year-over-year to $350 million, with GMV increasing by 13% to $2.7 billion [11][13] - Mobility segment revenue rose by 27% year-over-year to $247 million, with GMV increasing by 27% to $1.5 billion [16] - Financial Services revenue grew by 53% year-over-year to $55 million, driven by lending contributions [17][22] Strategic Changes - Grab has made changes to its segment reporting structure, now categorizing its operations into Deliveries, Mobility, Financial Services, and Others [3][4][37] - The company has discontinued reporting GMV for its Financial Services segment to focus on ecosystem transactions [4][38] Business Outlook - For FY 2024, Grab expects revenue between $2.70 billion and $2.75 billion, maintaining a growth rate of 14% to 17% year-over-year [10]