Grab shares crash as revenue plunges on promotions, driver incentives

FILE PHOTO: A Grab logo is pictured at the Money 20/20 Asia Fintech Trade Show in Singapore March 21, 2019. REUTERS/Anshuman Daga

(Reuters) - Shares in Grab tumbled 37% on Thursday after Southeast Asia's no. 1 ride-hailing and food delivery firm posted a $1.1 billion 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.