Grab reports first-ever profitable Q4 2023 with $11M profit after cost-cutting measures.
Grab, Southeast Asia's top ride-hailing and food delivery firm, achieved its first-ever profitable Q4 2023 with a $11M profit, up from a $391M loss in 2022. The company slashed costs by freezing hiring and senior manager salaries. Despite a 75% drop in share value since 2021, Grab's COO sees "tremendous upside" in Southeast Asia's tech industry, with opportunities in financial services and data optimization.
April 27, 2024
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