Singapore’s Grab Falls After Reporting Wider-Than-Estimated Loss
- Company seeking to reduce cash burn after hefty spending
- Grab cut 2022 GMV outlook; expects cooler food-delivery demand
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Grab Holdings Ltd. shares tumbled after it reported a wider loss than analysts had estimated, a sign of the challenges in turning its ride-hailing and delivery businesses profitable.
The Singapore-based company said its net loss for the second quarter was about $547 million, contracting almost 30% from a year earlier. Still, that was more than the $335 million loss analysts had projected, according to data compiled by Bloomberg. Grab shares tumbled 12% in US trading and are now down more than 55% this year.