Grab Holdings Shares Rise After Company Reports Higher 2Q Revenue

By Stephen Nakrosis

Shares of Grab Holdings were trading higher on the Nasdaq after the company reported higher revenue in its second-quarter financial results.

Grab's superapp in Southeast Asia operates across the deliveries, mobility and digital financial services sectors, the company said.

At 1:15 p.m. EDT, the company's shares were trading 11% higher at $3.71 per share. Volume at the time topped 25.4 million shares, above the stock's 65-day average volume of some 17.7 million shares.

Before the bell Wednesday, Grab reported a second-quarter loss of $148 million on revenue of $567 million. In the year-ago period, the company reported a loss of $572 million on revenue of $321 million. The company also reported cross merchandise value of $5.24 billion in the second quarter, above the $5 billion reported in the year-ago period.

The company said it is expecting fiscal year 2023 revenue in a range of $2.2 billion to $2.3 billion.

Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

(END) Dow Jones Newswires

August 23, 2023 13:47 ET (17:47 GMT)

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