Asia
Grab Hikes Outlook After Sales Beat Estimates on Ride Demand
Grab, the largest of Southeast Asia’s ride-hailing and delivery firms, is trying to prove its cost-cutting drive is yielding results.
Photographer: Chalinee Thirasupa/BloombergThis article is for subscribers only.
Grab Holdings Ltd. raised its full-year earnings forecast after quarterly sales beat estimates, a sign the online arena may prove a rare bright spot in a region rattled by trade tensions.
Grab, the largest of Southeast Asia’s ride-hailing and delivery firms, is cutting costs to try and preserve margins during a time of economic turbulence. Like backer Uber Technologies Inc., it’s slashed jobs and reined in spending to pivot toward profitability. Grab has also pushed into new areas through acquisitions, while trying to fend off rivals including GoTo Group,