Grab Holdings is reporting a third quarter loss of $342 million, representing a 65% improvement year-on-year.
The Singapore-based super app, which offers services including ride hailing, food delivery and digital services, says revenue for the three months ended September 30 was a record $382 million, up 143% year-on-year.
Gross margin value totaled $5 billion, an increase of 26% year-on-year.
Grab has adjusted its full-year guidance to between $1.32 billion and $1.35 billion, up from its previous estimate of up to $1.30 billion.
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Our third-quarter results demonstrate our ability to drive growth and profitability in tandem. We achieved core food deliveries and overall deliveries segment-adjusted EBITDA breakeven ahead of guidance, while narrowing our overall loss for the period significantly," says Anthony Tan, group chief executive and co-founder of Grab.
"We accomplished this by staying laser-focused on our cost structure and incentives, while innovating on services that increase synergies within our super app ecosystem to promote transaction frequency, user retention and engagement. We are confident that we have a strong foundation to continue to scale our business sustainably."
Further metrics shared by the company, which says its super app ecosystem is attracting more transacting users, include a 30% increase in monthly tracked users (MTUs) year-on-year, which it attributes to recovery in mobility.
Grab also says that cross-vertical penetration rates are improving with 62% of MTUs using two or more services on the platform, up from 56% year-on-year.