(Reuters) – Grab Holdings missed second-quarter revenue estimates as demand faltered in its ride-share and food-delivery services, sending its U.S.-listed shares down 7% in premarket trading on Thursday.
Revenue rose 17% to $664 million in the quarter ended June 30, compared with analysts’ estimates of $673.3 million, according to LSEG data.
Sales from the food delivery business – its largest – grew 11% to $356 million, lower than Visible Alpha estimates of $362.1 million. Ride-share revenue grew a worse-than-expected 14%.
Grab, which competes with Gojek, now part of Indonesia’s GoTo Gojek Tokopedia, said in February revenue growth will accelerate in the years beyond 2024 as investments in new products bear fruit.
The company retained its full-year revenue forecast of $2.70 billion to $2.75 billion.
(Reporting by Yuvraj Malik in Bengaluru; Editing by Devika Syamnath)
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