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Bloomberg
Grab Holdings Ltd brought forward its profitability target after posting a narrower quarterly loss, helped by reduced spending by the Southeast Asian ride-hailing and food-delivery provider.
The stock jumped 8% in pre-market trading after Grab said it expects to reach positive adjusted earnings before interest, taxes, depreciation and amortisation in the final quarter of 2023. It previously expected to hit that goal in the second half of 2024.
Singapore-based Grab is among money-losing Southeast Asian internet giants that have shifted strategies to focus on achieving profitability instead of spending on growth. Rival GoTo Group said it was bringing forward its profitability targets by a year.