- Grab Holdings Limited (NASDAQ:GRAB) co-founder Tan Hooi Ling is preparing to relinquish her operational and board roles by 2023 end.
- Tan will transition into an advisory role with the ride-hailing and food-delivery company.
- She co-founded Grab with Anthony Tan, Group CEO, in 2012 and worked at other companies in the U.S. before rejoining Grab in April 2015.
- Tan currently leads Grab’s technology organization and is mentoring the next generation of technology leaders, including Suthen Thomas, Grab’s Group Chief Technology Officer, and Philipp Kandal, Chief Product Officer.
- Last week, Grab reported first-quarter FY23 revenue growth of 130% year-on-year to $525 million, beating the consensus of $490.1 million driven by growth across segments. EPS loss of $(0.06) is in line with the consensus.
- Revenue for the Deliveries segment rose 203% Y/Y (217% Y/Y on a CC basis) to $275 million, driven by Jaya Grocer. Mobility revenue was $194 million, up 72% Y/Y (77% Y/Y on a CC basis) as Southeast Asia opened up.
- Grab reiterated FY23 revenue of $2.20 billion – $2.30 billion, up by 54% – 60% Y/Y vs. consensus $2.24 billion, and adjusted EBITDA breakeven in Q4 2023.
- Analysts regard GRAB as a market consolidator in Southeast Asia, with the group breakeven as a potential rerating catalyst.
- Price Action: GRAB shares traded higher by 0.33% at $3.06 premarket on the last check Thursday.
- Photo via Wikimedia Commons
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