Grab Holdings beats quarterly revenue estimates

Grab Holdings beat Wall Street expectations for first-quarter revenue on Tuesday, as the company benefited from strong spending on its ride-hailing and food delivery platform despite strong competition. The company reported revenue of $773 million in the first quarter, compared with estimates of $762.6 million, according to data compiled by LSEG.

US-listed shares of the Singapore-based company were up more than 1% in extended trading.

Grab’s move to make its platform a “superapp” by incorporating financial services has strengthened its dominant…