Singapore’s Grab Holdings GRAB.O raised its revenue forecast for fiscal 2024 on Monday (Nov 11), as it anticipates robust growth in its food delivery and ride-hailing businesses.

The company’s U.S.-listed shares jumped more than 10 percent in extended trading.

The company expects revenue between $2.76 billion and $2.78 billion, compared to a prior forecast of between $2.70 billion and $2.75 billion.

Its core food delivery business is recovering from a post-pandemic drop in demand, as consumers increase their discretionary spending budgets in a sign of economic easing.

“We remain optimistic about Southeast Asia’s long-term growth prospects and are making every effort to capture strong user demand trends,” said Grab CEO Anthony Tan.

The company has tried to introduce cheaper options for its ride-hailing services to appeal to price-conscious customers. On the other hand, the company has also tried to promote its premium offerings in order to increase its profits.

Grab still expects positive free cash flow for the full year.

It reported third-quarter revenue of $716 million, beating Visible Alpha’s estimates of $700.8 million.

Revenue from the deliveries segment increased 16 percent to US$380 million, beating estimates of US$374.2 million.

Revenue from its fastest-growing financial segment also beat estimates.

Profit for the quarter was $15 million, compared with a loss of $99 million a year ago.