Grab Plunges After Poor Outlook Clouds First Buyback Plan
- It again reported a quarterly profit on an adjusted basis
- Grab taking steps to become a more financially mature company
Grab Holdings Ltd.’s shares slid the most in more than nine months after the ride-hailing leader forecast 2024 revenue below analysts’ estimates, suggesting a deeper-than-anticipated slowdown in its core online business.
The Singapore-based company, which competes with GoTo in mobility and services such as meal delivery, expects a 14% to 17% rise in sales to $2.7 billion to $2.75 billion this year. That lags behind the $2.8 billion average analyst projection. The disappointing forecast overshadowed plans to buy back as much as $500 million of stock and its second straight quarterly profit on an adjusted basis. Its shares fell 8.4% in New York, the biggest decline since May.