US Stock Market Move | Raise full-year earnings forecast, Grab Holdings (GRAB.US) surges over 9%

On Tuesday, Grab Holdings (GRAB.US) opened higher and continued to rise, reaching a new high in nearly two and a half years. As of the time of writing, it was up over 9%, trading at $4.78. On the news front, Grab Holdings released its third-quarter financial report after the market closed on November 11th (Eastern Time). The data showed that revenue in the third quarter increased by 17% to $716 million, surpassing analysts' expectations of $697 million. Earnings per share were $0.01, exceeding the market's average expectations. Thanks to cost-cutting measures implemented to deal with intense competition, the company raised its revenue outlook for the year. Grab stated that revenue for the year could reach as high as $2.78 billion, higher than the earlier forecast of $2.75 billion. It is expected that adjusted full-year earnings before interest, taxes, depreciation, and amortization (EBITDA) will be between $308 million and $313 million, higher than the previous forecast of $270 million.