Grab advances break-even timeline on boost from cost cuts, strong demand

FILE PHOTO: A Grab employee shows the Apps used to book a cab in the metro Manila, Philippines July 22, 2016. REUTERS/Romeo Ranoco/File Photo

(Reuters) -Grab Holdings forecast a smaller operating loss for the current year and pulled forward its profitability timeline on Wednesday, as cost savings from its recent workforce reduction supplement strong demand for its food delivery and ride-share services.

The Southeast Asian internet firm also delivered better-than-expected results for the last quarter, sending its U.S.-listed shares up 9%.