Shares of Altimeter Growth Corp. (AGC) skyrocketed today in the Pre-market after Grab reports Third Quarter 2021 results. AGC shares went up by 12.53% to reach an all-time high of $17.06 in the Pre-market. In the previous trading session, the stock was closed at $15.16.
What does Altimeter Growth Corp. (AGC) stock do?
Altimeter Growth Corp. (AGC) is a leading technology-based investment company which serves and helps entrepreneurs and companies to build extraordinary companies and expand their market share and guide them through every stage of growth. Altimeter Growth Corp. (AGC) helps companies to go public and be there as an expert for the long-term to manage every kind of venture and public funds.
On April 23, 2021, Grab, a leading superapp announced to go public with the partnership of Altimeter Growth Corp. (AGC). Both the companies say in the upcoming months their securities will be traded in NASDAQ under the ticker symbol “GRAB”.
Partnership of GRAB with LAZADA in Singapore:
On 02 November 2021 Grab a leading superapp announced partnership with Lazada. It will make Lazada Sellers provide same-day delivery services to its customers in Singapore through GrabExpress. The two companies are expanding their partnership after they had a similar partnership model in Indonesia and Malaysia. This will help Grab to increase its revenue from deliveries as it saw a growth of 58% in this quarter.
Effect of Partnership of Grab and Lazada on Altimeter Growth Corp. (AGC) stock?
This is the third time Lazada and Grab are partnering together. This will help Grab to enter a new market and get a fair amount of market share with its already existing partner. Their experience in in-time delivery services will create a good image for Lazada which will ultimately benefit Grab in terms of revenue from delivery services.
Announcement of addition to new retail chains to Grabmart:
Grab announced in November they are starting to add new retail chains to Grabmart to expand into grocery delivery services across Southeast Asia.
Financial standings of Grab’s 3rd quarter:
- According to 30 September 2021 data, Grab announced a loss of $988 million, last year the loss was $621 million.
- Saw a decline of 9% in revenue.
- Monthly Transacting User (MTUs) decline by 8$ due to the lockdowns. It should grow up as the situation normalizes.
- Average spending per user was increased by 43%.
- Grab had cash liquidity of $5.2 Billion which is $1.5 Billion more than 2020. In December 2020 Grab had cash liquidity of $3.7 billion.
Conclusion:
After the new announcement of the new partnership of Altimeter Growth Corp. (AGC) with Lazada, the share price of AGC is showing positive signs.
