Grab lifts forecast as earnings top estimates

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Bangkok Post 2w ago

Grab lifts forecast as earnings top estimates - Bangkok Post

Quick Summary:

The super-app operator Grab has raised its earnings forecast for the year after quarterly profit topped estimates, helped by cost cuts to tackle the effects of intense competition in Southeast Asia’s ride-hailing and delivery markets.

The Singapore-based company is focused on profits after years of spending to grow its market share and fend off competition.

Demand is increasing at a slower pace as Grab’s customer base expands and consumers are less eager to hail a ride or get food delivered to their door in a challenging macroeconomic climate.