Why is Grab Holdings (GRAB) stock moving?

Grab's third-quarter 2026 results, released November 3, were strong. Revenue grew 27% (30% in constant currency) to $1.11B, and adjusted EBITDA reached a record $237M, up 73%. The company swung to a profit of $18M for the quarter. Management raised full-year revenue and adjusted EBITDA guidance. Trailing free cash flow of $533M and $400M of buybacks in September and October, with $500M still authorized, support the equity. On-demand incentives fell as a share of GMV, which points to improving unit economics. Management also cited elevated fuel prices and regional macro headwinds as risks. Lower finance income year on year is a minor drag. The stock slid from about $3.00 in mid-October to a low near $2.71 on October 30, then rebounded on November 2 to $2.86 on the session's highest volume (about 127K). That volume was well above the recent average, which suggests buyers were positioning ahead of the report. Support sits around $2.67-$2.71 and resistance near $2.94-$3.00. The market data does not yet show the reaction to the earnings release. The Grab-GoTo merger has been discussed for a long time, but no recent confirmed development was found, so it is treated here as an uncertain upside or regulatory catalyst.