Why Grab Stock Is Falling Today
Shares of Grab Holdings (NASDAQ: GRAB), a ride-sharing and food-delivery company, tumbled today after the company reported mixed results for its second quarter. While the company beat Wall Street's consensus top-line estimate, Grab's loss in the quarter was larger than expected.
The company also issued gross merchandise volume (GMV) guidance that disappointed investors. As a result, the food delivery stock was down by 12.5% as of 3:11 p.m. ET.
Grab's sales increased 79% from the year-ago quarter to $321 million, which was good enough to outpace analysts' average estimate of $273.1 million. The company said that strong sales from its mobility and deliveries segments were the reason for the spike in total revenue.
Source Fool.com
