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Singapore's Grab speeds up profit outlook as cost cuts pay off

Nasdaq-listed tech group expects to break even sooner after annual loss halves to $1.74bn

Revenue from Grab's delivery services surged in 2022, with help from a Malaysian acquisition.   © Reuters

SINGAPORE -- Singapore-based tech group Grab said it expects to deliver its first profit sooner than it had forecast after cutting earnings-draining incentives for the first time since its high-profile stock market listing.

In an earnings call on Thursday, CEO Anthony Tan said the ride-hailing and food-delivery platform will bring forward its profitability target after narrowing its annual loss to $1.74 billion in 2022, a 51% improvement from a year earlier.

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