Grab Holdings (NASDAQ: GRAB) stock saw a modest rise during pre-market trading Monday after the company partnered with OpenAI to incorporate generative AI into its app.
Grab Holdings, a major player in Southeast Asia’s ride-hailing and delivery market, is set to collaborate with OpenAI, marking the latter’s first partnership in the region. The move aims to integrate generative AI into Grab’s app ecosystem, enhancing user experience and service offerings.
As part of the collaboration, Grab plans to leverage OpenAI’s text and voice capabilities to improve app navigation for visually impaired and elderly users. Additionally, the partnership will facilitate the development of advanced chatbots for customer support, enhancing responsiveness and efficiency in resolving user queries.
Moreover, Grab intends to harness OpenAI’s image recognition technology to enhance its GrabMaps service. By leveraging real-time feedback from partner drivers, including images captured from helmet-mounted cameras, Grab aims to improve data quality and update maps more swiftly, ensuring a seamless navigation experience for users.
With nearly 40 million monthly users across eight Southeast Asian markets, Grab already utilizes conventional AI for various service enhancements, such as driver allocation and route optimization.
In February, Grab reported robust fourth-quarter fiscal 2023 financial results, with revenue growth of 30% year-on-year to $653.00 million, beating the analyst consensus estimate of $628.98 million. Additionally, the company reported earnings per share (EPS) of $0.01, outperforming analyst consensus estimates of a $(0.01) loss. The company also announced its first share repurchase program of up to $500 million.
Grab Holdings (NASDAQ: GRAB) Stock Price Action
As of 09:23 a.m. (Eastern Time) Monday, GRAB stock traded at $3.6798, marking a 0.26% increase compared to the previous trading session.
Edward Cooke is a financial analyst, freelance writer, and editor. He has six years of experience in financial journalism. He has an in-depth understanding of equities markets, tracking major indices and providing real-time analysis on stock price movements, corporate earnings, and market sentiment.
