BlackRock, Inc., the world’s largest asset manager, has reported a highly successful third quarter for 2024, marked by strong financial growth. The firm’s total assets under management (AUM) surged to a record $11.5 trillion, driven by $221 billion in net inflows during the quarter. This represents a significant year-over-year increase of $2.4 trillion in AUM, showcasing BlackRock's continued leadership in the asset management industry.
News: stock, crypto, macro, education
Grab Reports First Quarter 2024 Results: Revenue Grows by 24% Year Over Year
- Revenue: $653 million, up 24% year over year (YoY), 29% on a constant currency basis.
- On-Demand GMV: $4.2 billion, up 18% YoY, 21% on a constant currency basis.
- Operating Loss: Improved by $129 million YoY to $(75) million.
- Adjusted EBITDA: Reached an all-time high of $62 million, an improvement of $129 million YoY.
- Raised 2024 Adjusted EBITDA Guidance: $250 – $270 million from $180 – $200 million previously.
Financial Performance Overview
Grab Holdings Limited (NASDAQ: GRAB) announced robust financial results for the first quarter of 2024, ending March 31, 2024. The company’s revenue grew by 24% YoY to $653 million, driven by strong performance across all segments. On a constant currency basis, revenue increased by 29%.
Earnings Breakdown
- Operating Loss: Improved by $129 million YoY, resulting in a loss of $75 million.
- Loss for the Period: Improved by $134 million YoY, totaling $115 million.
- Adjusted EBITDA: Achieved a record $62 million, improving by $129 million YoY.
- Net Cash Used in Operating Activities: Improved by 93% YoY, amounting to $11 million.
Segment Performance
Deliveries
- Revenue: $350 million, up 19% YoY, 24% on a constant currency basis.
- GMV: $2.7 billion, up 13% YoY, 16% on a constant currency basis.
- Segment Adjusted EBITDA: $42 million, a significant improvement from a loss of $19 million in Q1 2023.
Mobility
- Revenue: $247 million, up 27% YoY, 30% on a constant currency basis.
- GMV: $1.5 billion, up 27% YoY, 30% on a constant currency basis.
- Segment Adjusted EBITDA: $138 million, up 41% YoY.
Financial Services
- Revenue: $55 million, up 53% YoY, 56% on a constant currency basis.
- Loan Portfolio: Increased by 86% YoY to $363 million.
- Segment Adjusted EBITDA: Improved by 34% YoY to a loss of $28 million.
Strategic Focus and Leadership Commentary
Anthony Tan, Group CEO and Co-Founder of Grab, emphasized the success of the company's product-led growth strategy, which has driven up order frequency and platform engagement despite seasonal impacts. Tan highlighted the company’s commitment to strengthening its market position and leveraging its technological edge.
Peter Oey, CFO of Grab, noted the company's continued focus on profitability, achieving record Adjusted EBITDA for the ninth consecutive quarter. The company also repurchased $97 million worth of Class A ordinary shares and paid down the remaining balance of its Term Loan B.
Updated Guidance for FY 2024
Grab has raised its Adjusted EBITDA guidance for 2024 to $250 – $270 million, up from the previous $180 – $200 million. The company’s revenue guidance remains unchanged at $2.70 billion to $2.75 billion, reflecting a 14% to 17% YoY increase.
Market Reaction
Following the earnings announcement, Grab's stock price rose by 1.6% in after-market trading, indicating investor confidence in the company’s strong performance and revised profitability outlook.
More articles
BlackRock Q3 2024 Earnings: AUM Reaches New Heights Amid Strong Inflows
Wells Fargo Q3 2024 Earnings Report: Profit Declines Amid Lower Interest Income, Investment Banking Offers Support
Wells Fargo & Co. announced its third-quarter 2024 financial results, revealing mixed performance. The bank's net income dropped by 11.3% year-over-year to $5.11 billion, while revenue fell 2% to $20.37 billion. This decline in revenue was driven primarily by an 11% drop in net interest income, which came in at $11.69 billion. Higher funding costs and customer movement towards higher-yielding deposits were key factors contributing to the lower interest income.
JPMorgan Chase Reports Strong Q3 2024 Results, Beating Expectations
JPMorgan Chase & Co. has once again exceeded market expectations with its third-quarter 2024 earnings report, delivering robust results. The bank reported a net income of $12.9 billion, a slight decrease from $13.1 billion in the same period last year. However, earnings per share (EPS) rose to $4.37, outperforming analysts' expectations of $4.01. This represented a 1% increase in EPS year-over-year, despite the minor decline in net income.
DOJ Pushes to Break Up Google as Antitrust Battle Heats Up
The U.S. Department of Justice (DOJ) has intensified its efforts against Google in a landmark antitrust case, marking a potential turning point for Big Tech regulation. This week, the DOJ revealed it is seriously considering drastic remedies to curb Google's dominance, including breaking up the tech giant's key business units such as Chrome and Android. This follows an August 2024 ruling that found Google had been illegally maintaining a monopoly over internet search and advertising.
PepsiCo Q3 2024 Earnings Report: Revenue Miss and Revised Growth Outlook
PepsiCo has announced its third-quarter earnings for 2024, revealing a mixed performance. The company reported a decline in overall revenue but managed to beat profit expectations, demonstrating resilience in several key segments despite global challenges. Here's a detailed breakdown of the report.
McCormick Reports Strong Q3 2024 Results and Raises Full-Year Outlook
McCormick & Co., a global leader in spices and flavor solutions, delivered better-than-expected Q3 2024 earnings, driving a 5% increase in its stock price. The company reported revenue of $1.68 billion, which remained flat compared to the same quarter last year but surpassed market expectations. The earnings per share (EPS) increased by 32% to $0.83, well above analysts' estimates of $0.67, reflecting strong operational performance and cost control efforts.
Paychex Reports Strong Q1 2025 Earnings with 3% Revenue Growth
Paychex, Inc. (NASDAQ: PAYX) kicked off its fiscal year 2025 with solid Q1 earnings, posting a 3% year-over-year increase in revenue, reaching $1.32 billion. The payroll and human resource services giant also delivered adjusted earnings per share (EPS) of $1.16, slightly above the consensus estimate of $1.14. This growth was primarily driven by the company's strong performance in Human Capital Management (HCM) solutions and Professional Employer Organization (PEO) services.
Nike Q1 2025 Earnings: Revenue Decline Amid Market Challenges
Nike, Inc. reported its Q1 2025 fiscal earnings on October 1, revealing a 10% decline in revenue to $11.6 billion, down from $12.9 billion in the same period last year. This drop is attributed to weakening demand across major markets, notably in North America, where revenue fell by 11%, and Europe, the Middle East, and Africa, which saw a 13% decline. Greater China also posted a 4% drop in sales.
Carnival Corporation Reports Record Q3 2024 Earnings: Revenue, Net Income, and Future Outlook
Carnival Corporation, the world's leading cruise operator, posted impressive financial results for the third quarter of 2024, breaking several records and surpassing market expectations. With revenue reaching an all-time high of $7.9 billion, a 15% increase year-over-year, Carnival demonstrated a strong recovery and continued growth in the cruise industry. This financial achievement exceeded the expected $7.83 billion forecast, signaling robust consumer demand for cruises despite inflationary pressures.
Alibaba's Recent Surge and Key Developments in Late September 2024
In the final week of September 2024, Alibaba's stock surged over 20%, reaching its highest point in a year. This impressive growth stems from a combination of strategic innovations, favorable regulatory changes, and broader economic support in China.
