Asia Tech Wire (Feb 23) -- Southeast Asia's leading ride-hailing firm Grab Holdings Ltd. (GRAB) on Thursday reported better-than-expected revenue for the fourth quarter of 2023 and announced its first share buyback program.

Grab reported revenue of $653 million in the fourth quarter of 2023, up 30% year-on-year, beating analysts' previous general expectations of $633 million, according to its latest earnings results.

During the quarter, Grab achieved a net profit of $11 million, compared to a net loss of $391 million in the same quarter a year earlier and that of $99 million in the previous quarter.

In addition, the Southeast Asian tech giant posted its adjusted EBITDA (interest, taxes, depreciation, and amortization) of $35 million, which was lower than the expected $38.9 million, and adjusted free cash flow of $1 million for the fourth quarter.

Alongside the announcement of the beat quarterly earnings, Grab also unveiled its first ever share buyback program.

The Singapore-based company said it will repurchase up to $500 million worth of its Class A ordinary shares.