Grab cuts losses to $148m in 2Q23
The figure translates to a 74% YoY improvement.
With improved revenue for the quarter, Grab was able to cut its losses in 2Q23 to $148m.
Grab’s loss for the quarter included $65m non-cash share-based compensation expenses and a $50m restructuring charge “that largely consisted of costs from the restructuring exercise we conducted in June 2023.”
In an announcement, Grab said its loss for the quarter translates to a 74% improvement from the same period last year.
In 2Q22, it recorded a loss of $572m.
Grab attributed its lower loss to the improvement in the group’s adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortisation) and a reduction in fair value losses on investments, net interest expenses, and share-based compensation expenses.
The group’s adjusted EBITA for the period was negative $20m, translating to a 92% YoY improvement.