This is the group’s largest round of layoffs since 2020, when it
cut 360 jobs in response to
Covid-19 pandemic challenges.
Even without layoffs, Tan said Grab is on track to hit breakeven this year on group adjusted earnings before interest, taxes, depreciation, and amortization. In February, the company said it was bringing forward its target to the fourth quarter of 2023, half a year earlier than its previous guidance.
The CEO said the job cuts are not a
“shortcut to profitability” but will enable Grab to adapt to the business environment and rapid emergence of
A.I.