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Grab cuts losses by 71% in Q323
Loss for the quarter narrowed to $99m.
Grab cut its losses by 71% YoY to $99m in 3Q23.
The company attributed its narrower loss to the improvement in its Group Adjusted EBITDA, reduction of expenses, fair value loss on investments, share-based compensation expenses.
Grab's loss for the period includes $70m in non-cash share-based compensation expenses.
The group’s adjusted EBITDA hit $29m in 3Q23, reflecting a positive upturn of $190m from the negative $161m in 3Q22.
In the same period, Grab recorded a 61% YoY higher revenue of $615m.
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