(Reuters) – Grab Holdings Ltd beat first-quarter revenue estimates on Thursday, driven by growth in its core rideshare and food-delivery businesses.

Revenue more than doubled to $525 million in the quarter ended March, inching past analysts’ estimate of $504.3 million, according to Visible Alpha.

U.S.-listed shares of the Singapore-based company were down 2% in volatile trading before the opening bell.

The upbeat results from Grab, Southeast Asia’s biggest ride-hailing and food delivery firm, underscores a recovery in consumer spending on discretionary services as economies emerge from the COVID-related disruptions.

Delivery revenue grew 203% to $275 million, ahead of estimates $263.1 million from analysts polled by Visible Alpha. Revenue from rideshare rose 72% to $194 million, compared to estimate of $195.2 million.

Gross merchandise value, the value of all goods and services sold on the platform, grew 3% to $4.96 billion.

Grab is streamlining its business and expects to reach positive adjusted earnings before interest, taxes, depreciation and amortization in the final quarter of 2023.

Earlier this year, it launched a series of cost-reduction measures including trimming its cloud bill and freezing hiring for some roles. It has also scaled back expenditure on consumer and worker incentives.