Stock Market Today, Nov. 3: Grab Holdings Jumps 9% on Q3 Revenue Beat and Raised 2026 Outlook

On November 3, Grab Holdings' stock surged by 9% to reach $3.12 after surpassing Q3 revenue expectations and raising its outlook for 2026. The trading volume for the day was 144.8 million shares, which was about 143% above its three-month average of 59.7 million shares.

Grab, a Southeast Asian super-app known for ride-hailing, delivery, and fintech services, went public in 2020 and has suffered a 74% decline since its initial public offering. The S&P 500 rose by 0.36% to 7,569, while the Nasdaq Composite gained 0.83% to 25,372.

In the internet services sector, ride-hailing, delivery, and digital financial services companies saw varying results. Ride-hailing leader Uber Technologies fell by 0.17%, while food delivery rival DoorDash dropped by 3.55%.

Management at Grab announced that they raised their full-year guidance to a 25% increase in sales and a 59% rise in adjusted EBITDA. Although the company's proposed acquisition of foodpanda's Taiwanese business for $600 million was canceled, resulting in a $60 million breakup fee, it was an otherwise strong quarter for Grab.

With a net cash balance of around $6 billion, the $60 million breakup fee is relatively insignificant to the company. Grab plans to continue relying on acquisitions to expand its services and capitalize on future growth opportunities. At a forward EV/EBITDA of 10, using the management's adjusted EBITDA guidance, Grab's impressive growth figures and improving profitability appear reasonably priced.