(Reuters) -Grab Holdings beat Wall Street expectations for first-quarter revenue on Tuesday, as the company benefited from strong spending on its ride-hailing and food delivery platform despite strong competition.
The company reported revenue of $773 million in the first quarter, compared with estimates of $762.6 million, according to data compiled by LSEG.
U.S.-listed shares of the Singapore-based company were up more than 1% in extended trading.
Grab’s move to make its platform a “superapp” by incorporating financial services has strengthened its dominant position in Southeast Asia’s online services industry, even as economic uncertainty weighs on consumer sentiment.
Revenue for the company’s deliveries segment rose 18% to $415 million in the quarter ended March 31, compared with analysts’ expectations of $396 million.
(Reporting by Zaheer Kachwala in Bengaluru; Editing by Mohammed Safi Shamsi)
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