Grab, Southeast Asia's leading ride-hailing and delivery firm, reported a 186 percent rise in second-quarter operating profit to $19 million as the company lifted its full-year revenue and EBITDA forecasts. The Nasdaq-listed company's shares rose 4.86 percent in extended trading following the announcement, reflecting investor confidence in results that held up despite broader macroeconomic headwinds across the region.
For the quarter ending June, revenue grew 22 percent year-on-year to $997 million. The platform also posted a 28 percent year-on-year jump in rides, a figure Chief Financial Officer Peter Oey described as "one of the highest that we've seen."
Oey attributed a portion of the improved performance to artificial intelligence integration. He told CNBC's Squawk Box Asia that AI is now "embedded in the Grab way of life," influencing both product development and operational workflows.
The technology has helped Grab ship products more than 30 percent faster, compressing its development cycle. Some company statements indicate AI has enabled shipping products three times faster than the previous year. Grab has also used AI to cut nearly 40,000 hours of sales inefficiencies.
Grab lifted its full-year revenue outlook to a range of $4.10 billion-$4.15 billion, up from its earlier forecast of $4.04 billion-$4.10 billion. The company also raised its EBITDA estimate to $720 million-$740 million, from $700 million-$720 million.
Oey said demand remained "very strong" through July. He added that Grab's financial services segment is scaling rapidly and has reached an "inflection point," offering a revenue stream beyond ride-hailing and delivery.
Grab is also advancing its agreement to acquire Delivery Hero's foodpanda business in Taiwan. Oey said the company is working closely with regulators to finalize the transaction, with hopes to close it in the second half of this year. The acquisition would extend Grab's product ecosystem from Southeast Asia into the Taiwan market.
The Nasdaq Composite rose 2.6 percent on the day to 26,585.
