Grab posts strong Q1 results with 24% revenue growth and swings to profitability, yet stock plummets nearly 25% in a year. The Southeast Asian ride-hailing giant achieved its first profitable year in 2025 with US$200 million earnings, beating analyst expectations. However, the market remains skeptical. Trading near 2022 levels despite doubled revenue, Grab struggles with a persistent profitability paradox. The superapp dream remains unfulfilled as financial services continue losing money. Intense competition from Gojek keeps margins compressed. Merger negotiations with GoTo resurface, potentially creating a 90% market monopoly, but Indonesia's regulatory stance poses a critical challenge to any deal completion.
