Grab reduces loss to $572m in Q2
The Q2 figure was a 29% improvement year-on-year.
Grab was finally able to turn the wheel in Q2 as its loss narrowed by 29% YoY to $572m.
In its Q2 business update, Grab said it was able to reduce losses due to the elimination of the non-cash interest expense of its convertible redeemable preference shares that converted to ordinary shares in December 2021.
"Our loss for the quarter included a $173 million non-cash expense from the revaluation of Grab’s equity investments that are marked-to-market each quarter, and $111 million in stock-based compensation expense," Grab reported.
Apart from a reduced loss, Grab also posted a 79% YoY revenue jump, reaching $321m.
The company said its revenue increased due to Gross Merchandise Volume (GMV) growth and contributions from Malaysia supermarket Jaya Grocer.
Grab's GMV grew 30% YoY following the recovery of its mobility segment.
In the second half of the year, Grab Chief Financial Officer Grab, Peter Oey said the company expects GMV growth to be slower due to its cost measures and strategies for growing sustainably.