Grab Holdings Ltd (GRAB) News & EventsGRABNews & EventsGrab Holdings Ltd

Grab Reports Q2 Revenue of $997M, Beating Expectations

Reports Q2 revenue $997M, consensus $990.36M. "We delivered another strong quarter. We executed against our product and AI-led strategy with On-Demand GMV growth accelerating to 22% year-over-year on a constant currency basis, and we reached a record 54 million Monthly Transacting Users," said Anthony Tan, Group Chief Executive Officer and Co-Founder of Grab. "Our Grab intelligence layer is now embedded across every layer of our platform, lifting driver and merchant-partner earnings, while improving our operating efficiency. We expect this intelligence layer to further strengthen as it scales, translating directly into deeper user engagement, and durable, profitable growth for Grab."

Grab Authorizes Share Repurchase Program Up to $750 Million

Grab's Board of Directors has authorized a new share repurchase program, under which Grab may repurchase up to $750 million worth of its outstanding Class A ordinary shares. The proposed repurchases may be made from time to time through open market transactions at prevailing market prices, privately negotiated transactions, block trades and/or through other legally permissible means, or any combination thereof, depending on market conditions and the trading price of the Company's Class A ordinary shares, among other factors, and in accordance with applicable rules and regulations. The Company's Board of Directors will review the share repurchase program periodically, and may amend the terms and size of the program. The Company intends to fund the repurchases with excess cash after allocating and potentially allocating for investments to drive growth. The share repurchase program does not obligate the Company to acquire any particular amount of Class A ordinary shares.