Grab logged a revenue of US$502 million in the fourth quarter of 2022 – a 310% jump from the same period a year ago. The regional tech titan said the growth comes on the heels of a comeback in mobility, a reduction in total costs, and the launch of new products.
“This sets us up for a strong 2023 as we continue to focus on growing in a sustainable manner by driving cost efficiencies across our organization, and driving margin improvements whilst being prudent with our capital,” said Peter Oey, Grab’s CFO.
He added that the super app now expects to hit adjusted EBITDA breakeven within Q4 2023. Previously, Grab projected to reach this in the second half of 2024.
Revenue from mobility was at US$189 million for the quarter, a year-on-year increase of 78%. Segment gross merchandise value (GMV) stood at US$1.2 billion.
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