Singapore-based Grab Holdings, Southeast Asia's leading ride-hailing and food delivery app, is cutting 1,000 jobs or 11% of its workforce, its CEO said on Tuesday, citing the need to manage costs and ensure more affordable services long term. In a letter sent to employees late on Tuesday and seen by Reuters, chief executive Anthony Tan said the cuts, the biggest since the start of the pandemic, were not 'a shortcut to profitability' but a strategic reorganisation to adapt to the business environment. 'We must combine our scale with nimble execution and cost leadership, so that we can sustainably offer even more affordable services and deepen our penetration of the masses.'
SINGAPORE - Singapore-based Grab Holdings, Southeast Asia's leading ride-hailing and food delivery app, is cutting 1,000 jobs or 11% of its workforce, its CEO said on Tuesday, citing the need to manage costs and ensure more affordable services long term.
"We must combine our scale with nimble execution and cost leadership, so that we can sustainably offer even more affordable services and deepen our penetration of the masses." Its shares were up 4.7% premarket after Tan's announcement to staff. The stock had climbed as much as 5.6% premarket, extending earlier gains on a Bloomberg News report of the cuts.
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