Southeast Asia’s Ride-Hailing App Grab Sees Users Pulling Back
- Singapore ride-hailing, food delivery firm faces tough market
- Company is trying to contain expenses to reach profitability
The headquarters of Grab Holdings Ltd., in Singapore.
Photographer: Bryan van der Beek/BloombergThis article is for subscribers only.
Shares of Grab Holdings Ltd. fell the most in more than a year after the Southeast Asian ride-hailing and food delivery company reported slowing spending by customers grappling with a higher rate of inflation and rising interest rates.
While the Singapore-based company reported a narrower quarterly loss, it said its gross merchandise value grew just 3% in the three months through March to $4.96 billion. That’s down from 24% for the full-year 2022 and missed the $5.22 billion analysts estimated. The US-listed shares closed 15% lower at $2.75 Thursday, the biggest drop since March 2022.