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Grab Holdings revenue guidance misses, announces share buyback plan

Published 02/22/2024, 01:21 PM
Updated 02/22/2024, 01:24 PM
© Reuters.  Grab Holdings (GRAB) revenue guidance misses, announces share buyback plan

Grab Holdings (GRAB) shares are down more than 8.5% Thursday after the company reported its fourth-quarter earnings, in which it announced its first-ever share buyback program.

The company reported fourth-quarter earnings of $0.01, $0.02 better than the analyst estimate of ($0.01), while revenue for the quarter came in at $653 million versus the consensus estimate of $633.67 million. However, FY2024 revenue guidance of $2.7 billion to $2.75 billion was below the consensus of $2.82 billion, sending GRAB's shares lower.

Meanwhile, the Singapore-based company's board of directors has authorized a share repurchase program, under which the company can repurchase up to $500 million worth of its outstanding Class A ordinary shares.

The company also approved the full repayment of its outstanding Term Loan B. GRAB expects the repayment to create "significant interest expense savings."

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