Grab's revenue skyrockets by 77%, setting course for break-even! 🚀

Grab projects a decreased operating loss for the current year and accelerates its timeline towards profitability. This is fueled by cost reductions resulting from recent workforce changes and strong demand for food delivery and ride-share services.

• Shares Soaring 📈: Grab's U.S.-listed shares jumped a whopping 9% after they surpassed last quarter's expectations. ⬆️📈

• Profitability Pulling Forward: They're looking to break even this quarter. That's right; they're way ahead of their previous fourth-quarter target! 😮

• Savings and More Savings: They're expecting an impressive $80 million in annualized cost savings from recent changes, which unfortunately, did include layoffs that led to a $50 million charge. 😔

• Revenue Rising: This quarter saw a 77% increase in revenue, hitting $567 million, surpassing the estimated $546.1 million. 💰

• Food Delivery Flourishing: Sales more than doubled in their largest business segment.

• Ride-Share Ramp Up: The ride-share business saw a 29% growth. 🚗

They're now expecting a loss before interest, taxes, depreciation, and amortization between $30 million and $40 million, a substantial decrease from the earlier forecast of $195 million to $235 million.

Stay tuned to see what unfolds next! 🔍