Grab lifts outlook as Southeast Asian consumer demand stays resilient
Grab, the Southeast Asian ride-hailing and delivery giant, raised its full-year outlook following record second-quarter results driven by resilient consumer demand. The company also highlighted the role of AI in improving operational efficiency and margins.
Why it matters
Grab's performance serves as a key indicator for consumer spending trends and the successful integration of AI in the Southeast Asian tech sector.
Grab , Southeast Asia's leading ride-hailing and delivery firm, raised its full-year outlook on Tuesday as it reported record second-quarter results, with resilient consumer demand across the region holding up despite macroeconomic headwinds.
Shares of the Nasdaq-listed company rose 4.86% in extended trading.
"AI is now embedded in the Grab way of life, whether it's in our products or the way we work," Grab CFO Peter Oey told CNBC's " Squawk Box Asia ," adding that the technology has helped the company ship products more than 30% faster translating into better margins and a more efficient cost structure.
The company saw a 28% year-on-year jump in the number of rides in the second quarter, Oey said. "It's one of the highest that we've seen."
Get smarter about the news
Sign up free for a feed built around what you actually care about, Dive Deeper research on any story, and the full text of every article.
Create free accountAlready have an account? Sign in