Shares of Grab skidded to their lowest ever on Thursday at US$3.09 (RM12.92), wiping off more than US$7bil (RM 29bil) from its market value.
NEW YORK: Shares in Grab tumbled 37% on Thursday after South-East Asia’s No. 1 ride-hailing and food delivery firm posted a US$1.1bil (RM4.6bil) quarterly loss and a worse-than-expected drop in revenue, hit by promotional offers and higher driver incentives.
Singapore-based Grab Holdings Ltd has poured money into incentives to attract drivers as ride-share demand recovers from pandemic lows, and also offered aggressive food-delivery promotions as people began to dine out more with the easing of Covid-19 restrictions.
Already a subscriber? Log in.
Win a prize this Mother's Day by subscribing to our annual plan now! T&C applies.
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!
