Grab Holdings Limited (NASDAQ:GRAB) reported fourth-quarter fiscal 2023 revenue growth of 30% year-on-year (30% year-on-year on a constant currency basis) to $653.00 million, beating the consensus of $628.98 million.
EPS of $0.01 beat the consensus loss of $(0.01). The stock price declined after the results.
Revenue for the Deliveries segment rose 20% year-on-year (21% year-on-year on a CC basis) to $321 million, driven by reduced incentives, GMV growth, and a change in the business model.
Mobility revenue was $237 million, up 26% year-on-year (24% year-on-year on a CC basis) as Southeast Asia opened up.
Financial Services revenue rose 102% year-on-year to $56 million. Revenue for the Enterprise and New Initiatives segment increased by 124% year-on-year to $39 million.
GMV grew 9% year-on-year to reach $5.44 billion. Delivery GMV grew by 13% year-on-year, Mobility GMV grew 28% year-on-year, Financial Services GMV declined by 14% year-on-year, and Enterprise and New Initiatives GMV grew by 40% year-on-year.
MTUs grew by 12% year-on-year to 37.7 million. The average spend per user decreased by 3% year-on-year to $144.
Group Adjusted EBITDA grew to $35 million from negative $(111) million for the same period in 2022.
Buyback: The Board authorized the company’s first share repurchase program of up to $500 million.
“2023 was a pivotal year for us. We generated over $11 billion of earnings1 for our partners, achieved strong top-line growth as we exited the year with Mobility GMV above pre-COVID levels and Deliveries GMV growth re-accelerating, while also reaching Adjusted EBITDA profitability in the year,” said Anthony Tan, Group Chief Executive Officer and Co-Founder of Grab.
FY24 Outlook: Grab projects revenue of $2.70 billion – $2.75 billion vs. consensus $2.80 billion.
Price Action: GRAB shares traded lower by 0.28% at $3.44 premarket on the last check Thursday.
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