Ride-hailing giant Grab posts first profitable quarter, announces $500 million share buyback
Publishing timestamp: 2024-02-23 00:00:55
Summary
Southeast Asian ride-hailing giant Grab posted its first-ever profitable quarter, raking in $11 million in profit, compared to a $391 million loss in the same period a year ago. The company attributes the boost to improvements in adjusted EBITDA, fair value changes in investments, and lowered share-based compensation expenses. Grab also announced a share repurchase program and expects revenue for 2024 to be between $2.70 billion and $2.75 billion.
Sentiment: POSITIVE
Tickers: A6I-FF,
Keywords: business news, earnings, grab holdings ltd, breaking news: technology, asia economy, technology,
Source: https://www.cnbc.com/2024/02/23/grab-posts-first-profitable-quarter-announces-share-buyback.html