Grab Holdings is cutting more costs to cope with an uncertain economic backdrop.
SINGAPORE — Grab Holdings, Southeast Asia’s biggest ride-hailing and food delivery firm, is cutting more costs to cope with an uncertain economic backdrop, the Singapore-based company’s CEO told staff in a memo.
Last month, Grab raised its 2022 revenue forecast, reported a narrower adjusted operating loss and said its food and grocery delivery business broke even three quarters ahead of its expectations. In September, Grab’s chief operating officer, Alex Hungate, told Reuters the company did not expect to have to make mass layoffs. Instead, he said, Grab would selectively hire, while reining in its financial services ambitions.
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