Singapore-based Grab said on Wednesday that its ride-hailing unit is on track to hit pre-Covid levels by the end of this year.
In its second-quarter earnings release, Grab reported that its mobility gross merchandise value for the quarter was $1.32 billion, a 28% increase from $1.03 billion in the same period a year ago. Grab, which also offers food delivery and mobile payments, said that its mobility GMV has recovered to 85% of pre-Covid levels.
“International traveler demand continues to recover. We increased airport rides by 64% year on year to reach 77% of pre-Covid levels,” COO Alex Hungate said during an earnings call Wednesday. “Domestic demand also further normalized across our markets with mobility GMV now 85% of pre-Covid levels. When we compare mobility GMV levels between second quarter 2023 and the same period in 2019, several of our core markets such as Malaysia, Singapore and Thailand have either reached or surpassed these levels,” said Hungate.
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