- Grab Holdings Limited (NASDAQ:GRAB) reported first-quarter FY22 revenue growth of 6% year-on-year to $228 million.
- Mobility segment acceleration and strong core food and groceries growth drove the growth as it expanded its merchant selection and contributions from Jaya Grocer.
- Revenue for Deliveries rose 70% Y/Y to $91 million, driven by continued growth in food and groceries deliveries and contributions following the acquisition of Jaya Grocer.
- Mobility revenue was $112 million, down 22% Y/Y. Financial Services revenue rose 52% Y/Y to $11 million.
- Revenue for Enterprise and new initiatives increased by 34% Y/Y to $14 million.
- GMV grew 32% Y/Y to reach $4.8 billion. Delivery GMV improved 50% Y/Y, Mobility GMV grew 3% Y/Y, Financial Services GMV grew 23% Y/Y, and Enterprise and New Initiatives GMV rose 98% Y/Y.
- MTUs grew by 10% Y/Y to 30.9 million as lockdowns continued to ease. The average spend per user increased by 19% Y/Y to $155.
- Adjusted EBITDA loss margin stood at (6)% of GMV compared to (3.1)% a year ago. Adjusted EBITDA was $(287) million.
- Outlook: Grab sees Q2 Deliveries GMV of $2.55 billion - $2.65 billion, Mobility GMV of $0.95 billion - $1.0 billion, Financial Services Pre-InterCo TPV of $3.5 billion - $3.6 billion.
- Grab sees FY22 GMV growth of 30% - 35% Y/Y and revenue of $1.2 billion - $1.3 billion below the consensus of $2.68 billion.
- Price Action: GRAB shares traded higher by 23.1% at $3.12 on the last check Thursday.
- Photo via Wikimedia Commons
