Why Grab Holdings Stock Was Surging This Week
Asian food delivery specialist Grab Holdings (NASDAQ: GRAB) delivered quite the filling and tasty meal for its investors earlier this week. The company published its second-quarter results, which boasted a revenue growth number that was well in the double digits. It also raised profitability guidance and moved forward its expected timing for reaching breakeven. That inspired a clutch of analysts to raise their price targets on the shares.
Consequently, according to data compiled by S&P Global Market Intelligence, the stock's price was rising by slightly over 15% week to date as of mid-afternoon trading Friday.
Grab's second quarter featured robust (77%) year-over-year revenue growth thanks to delivery sales that more than doubled over that stretch of time. The subscriber count saw a nice increase too, advancing at a 43% pace. There was also good news on the guidance front; the company substantially upped its projection for adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA).
Source Fool.com
