Grab's COO thinks there's ‘tremendous upside' in fast-growing Southeast Asia after the startup recently reported its first-ever profitable quarter [Yahoo! Finance]
HSBC Holdings, plc. (HSBC)
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Source: Yahoo! Finance
Grab reported a profit of $11 million for the final three months of 2023, compared to a $391 million loss in the same period a year earlier. Revenue for the quarter also grew to $653 million, a 30% increase from the same period in 2022. “Crossing the break-even is a point on the line,” Alex Hungate, Grab's chief operating officer, says. “We've got a region where there's a lot of potential to grow scale, so we just got to keep pushing growth.” Many tech companies have been forced to tighten their belts in recent years. Backers and investors have soured on continual losses and high spending, due to higher interest rates and a tougher macroeconomic environment. Grab has never made an annual profit. In 2023, Grab posted a net loss of $485 million, a massive improvement from the $1.74 billion loss it reported in 2022. The startup's shares have lost almost 75% of their value since their debut in December 2021, when the company listed on the Nasdaq via a merger with a special purpose
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