Grab Cuts Full-Year Outlook on Worsening Virus Outbreak
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The Grab Express app
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Grab Holdings Inc., Southeast Asia’s ride-hailing and delivery giant, cut projections for 2021 as the region is battling one of the world’s worst Covid-19 outbreaks due to the fast-spreading delta variant.
The Singapore-based company, which is set to go public in the U.S. through a deal with a blank-check company, expects full-year adjusted net sales of $2.1 billion to $2.2 billion, according to a statement Tuesday. That compares with $2.3 billion it forecast in an investor presentation in April. Grab also expects full-year gross merchandise value of $15 billion to $15.5 billion, compared with an earlier projection of $16.7 billion.