Kota Kinabalu: Grab Holdings Ltd expects sharply slower revenue growth in 2023 as the Southeast Asian internet giant adjusts to a market downturn and speeds up efforts to reverse years of losses, Bloomberg reported.
The ride-sharing and delivery provider gave the forecast for a 45% to 55% increase at its first investor day, trying to reassure shareholders it is on the rebound.
Analysts were projecting 49% growth for 2023 on average. The company backed by SoftBank Group Corp also said it anticipates breaking even in the second half of 2024 on a conditional basis, and excluding one-time items.
Grab, long considered one of the rising stars of Southeast Asia, has struggled since it went public through a merger with a special-purpose acquisition company (SPAC) in December.
Shares have tumbled more than 70% as the company wracked up losses in the post-Covid-19 era and the stock market soured on unprofitable tech ventures.
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