Grab Holdings surpassed Wall Street forecasts for its second-quarter revenue, driven by increased consumer spending on its ride-hailing and food delivery services despite global economic uncertainty.
The company’s strategy to become a comprehensive “superapp”—combining ride-hailing, food and grocery delivery, and other digital offerings—continues to attract more users, many of whom are subscribing to its bundled services.
While global trade tensions and rising costs in Southeast Asia have created economic headwinds, Singapore’s economy showed resilience, expanding 4.3% in Q2 and avoiding a technical recession.
“We’re seeing that making our services more affordable fuels growth and shields us from broader global macro pressures,” said Grab CFO Peter Oey in an interview with Reuters.
Grab has been targeting price-conscious users while expanding its driver network to meet growing demand. It reported $819 million in revenue for the quarter, topping analysts’ estimates of $811.3 million, according to LSEG data.
Indonesia was a standout market, which Grab once viewed as underpenetrated. The company now sees it as a key growth driver due to its large population. Oey emphasized that Indonesia is profitable and a priority for further investment.
As Southeast Asia’s digital services sector consolidates, Grab has been linked to possible acquisitions. However, Oey clarified that the company is not in talks with Indonesian competitor GoTo, following reports of potential interest.
Grab reported a quarterly profit of $20 million, a significant turnaround from the $68 million loss in the same period last year.
