Singapore's Grab speeds up profit forecast as loss narrows

Super app operator expects to break even in 3rd quarter this year

The Southeast Asian tech group has taken a series of cost-cutting measures since last year, including a freeze on most hiring. (Photo by Fumika Sato)

TSUBASA SURUGA, Nikkei staff writer

August 24, 2023 00:45 JST

SINGAPORE -- Singapore-based Grab expects to turn its first quarterly profit sooner than projected, the company said Wednesday, following a series of cost-cutting measures and stronger demand in the core ride-hailing and food delivery services.

The Nasdaq composite-listed company now expects to break even on a group level in the July-September 2023 quarter on an adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) basis, ahead of the previous final quarter target.