Grab’s second-quarter net loss widens to $1.09b

grabs second quarter net loss widens to 1 09b

Sumary of Grab’s second-quarter net loss widens to $1.09b:

  • South-east Asia’s ride-hailing and delivery giant this week cut its full-year projections for several key metrics this year, citing renewed uncertainty amid the Covid-19 pandemic.
  • This was in spite of a worsening Covid-19 environment, which saw many South-east Asian countries tightening movement restrictions as cases surged,” said group chief executive officer and co-founder Anthony Tan.
  • Grab’s total gross merchandise value (GMV), a metric used to measure transaction volumes, jumped 62 per cent to a record US$3.9 billion.
  • Grab expects to report group-level adjusted net sales of US$2.1 billion to US$2.2 billion, a step down from the US$2.3 billion it initially projected in April.
  • It expects full-year gross merchandise value of US$15 billion to US$15.5 billion, trimmed from an earlier forecast of US$16.7 billion.
  • The company also forecast an adjusted Ebitda (earnings before interest, taxes, depreciation and amortisation) loss of US$0.7 billion to US$0.9 billion for this year, against a previously projected Ebitda loss of US$0.6 billion.
  • “Grab’s full-year 2021 outlook anticipates an extension of partial and complete lockdowns throughout several countries where Grab operates as a result of the continuing spread of Covid-19,” the company said.

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