economy
AI is helping Grab ship products more than 30% faster, CFO says, as company raises forecasts
Grab reported second-quarter results on Tuesday and raised its full-year outlook.
TL;DR
- Grab reported record second-quarter results and raised its full-year outlook.
- The company saw a 28% year-on-year increase in ride numbers.
- Revenue grew 22% year-on-year to $997 million, with operating profit at $19 million.
- AI has helped Grab ship products over 30% faster, improving margins and cost structure.
- The full-year revenue outlook was raised to $4.10 billion-$4.15 billion.
- EBITDA estimates were increased to $720 million-$740 million.
- Grab is working with regulators on its agreement to buy Delivery Hero's foodpanda business in Taiwan, aiming for a second-half closing.
- The company is confident in strong demand and the scaling of its financial services.