Why Grab Holdings Stock Soared Today

Shares of Grab Holdings (NASDAQ: GRAB) surged 24% on Thursday after the ride-hailing and delivery platform delivered stronger-than-expected growth metrics. 

Grab's revenue rose 6% year over year to $228 million in the first quarter. The Singapore-based company saw its monthly transacting users grow by 10% to 30.9 million. Those users also spent more on its platform, leading its gross merchandise value (GMV) to jump 32%, to $4.8 billion.

"We delivered strong top-line growth in deliveries as we expanded our merchant selection to give users more reasons to choose Grab," CEO Anthony Tan said in a press release. "Our mobility business also rebounded, and we expect it to gradually recover as COVID restrictions ease further and our active driver base increases."

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Source Fool.com