SINGAPORE — Grab raised its full-year financial outlook Tuesday after reporting record second-quarter results, with operating profit climbing 186 percent year-on-year to $19 million for the quarter ending in June.
Revenue grew 22 percent year-on-year to $997 million. Shares of the Nasdaq-listed company rose 4.86 percent in extended trading.
Chief Financial Officer Peter Oey said AI is embedded across Grab's operations, affecting both product development and internal workflows. The integration has helped the company ship new products more than 30 percent faster, he said, translating into better margins and a leaner cost base.
Ride volume rose 28 percent year-on-year in the second quarter, one of the highest growth rates the company has recorded.
Grab lifted its full-year revenue outlook to $4.10 billion to $4.15 billion, up from a prior forecast of $4.04 billion to $4.10 billion. Full-year adjusted EBITDA guidance increased to $720 million to $740 million, from $700 million to $720 million.
Oey said demand remained strong into July and described the company's financial services segment as being at an inflection point.
Grab is working with regulators to finalize its acquisition of Delivery Hero's foodpanda business in Taiwan. Oey said the deal has not yet closed, with completion targeted for the second half of this year. The acquisition is intended to expand Grab's offerings in Taiwan, mirroring services the company already operates across Southeast Asia.
