AI is helping Grab ship products more than 30% faster, CFO says, as company raises forecasts
📰 source: cnbc_topnews · 💼 business
grab, southeast asia's ride-hailing and delivery firm, raised its full-year outlook tuesday after record second-quarter results. shares rose 4.86% in extended trading. cfo peter oey says ai is helping the company ship products more than 30% faster, which translates into better margins and cost structure.
revenue grew 22% year on year to $997 million, with operating profit of $19 million, up 186%. rides jumped 28% in the quarter. grab lifted its revenue outlook to $4.10 billion to $4.15 billion from an earlier $4.04 billion to $4.10 billion, and its ebitda estimate to $720 million to $740 million from $700 million to $720 million.
on the planned purchase of delivery hero's foodpanda business in taiwan, oey says grab is working closely with regulators and the deal hasn't closed yet, with hopes to complete it in the second half of this year. demand remained strong in july, and financial services are at an inflection point.
why it matters: grab's ai-driven efficiency and raised guidance point to strong consumer demand in southeast asia, boosting investor confidence.
source: cnbc_topnews
sentiment: +0.60 · impact: 0.40