Singapore's Grab Shares Gained Over 5% after Forecasting Smaller Operating Loss This Year
Grab forecast a smaller operating loss for the current fiscal year and pulled forward its profitability timeline on Wednesday, driven by cost savings from its recent workforce reduction.The company's U.S.-listed shares were up over 4% in trading before the bell.The Southeast Asian internet firm now sees adjusted loss before interest, taxes, depreciation and amortization between $30 million and $40 million, compared to its earlier forecast of $195 million to $235 million.It brought forward its ow