Asia
Grab Slides After Sales Miss Estimates on Tough Competition
- Revenue miss underscores intense rivalry in Southeast Asia
- Ride-hailing firm is trying to reach sustained profitability
This article is for subscribers only.
Grab Holdings Ltd. shares slumped after the ride-hailing company reported quarterly revenue growth that trailed estimates, highlighting intense competition in the Southeast Asian market.
The stock slid 5.5% at 9:58 a.m. in New York on Thursday after the company said revenue rose 17% to $664 million in the three months through June, missing the $676.9 million analysts predicted on average. Adjusted earnings before interest, taxes, depreciation and amortization were $64 million, roughly in line with expectations.