Grab Holdings reported first quarter revenue for that surpassed Wall Street expectations.
The Singaporean technology company’s first-quarter revenue came in at $228 million, well above the Street estimates of $127.7 million, according to FactSet.
Gross merchandise value (the sum of the total dollar value of transactions from Grab’s services, including any applicable taxes, tips, tolls and fees) for the quarter +32% from the year-ago quarter to $4.8 billion.
For fiscal 2022, the company projects revenue to range between $1.2 billion and $1.3 billion, compared to $955.3 million expected by analysts polled on FactSet.
According to Grab’s statement, mobility GMV climbed +9% quarter on quarter, thereby reflecting demand recovery after the impact of Omicron in the first two months of the quarter. The company said that its average monthly active drivers rose by 220,000 from the third quarter of 2021 to the first quarter 2022. The number of active drivers on its platform over the first quarter was at the highest level since the second quarter 2020.
“Looking ahead, we will continue to acquire drivers in order to reestablish our pre-Covid supply levels and to capture the strong demand we see coming back online,” the company said.