© 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.”
This story originally appeared on Investing
