Uber whistleblower says current business model 'absolutely' unsustainable
https://www.reuters.com/technology/...ss-model-absolutely-unsustainable-2022-11-02/
Meanwhile Deliveroo has just closed shop after operating in Australia for 7 years.
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Grab gives SG and SGX the finger
- Thread starter LITTLEREDDOT
- Start date
https://www.reuters.com/technology/...ss-model-absolutely-unsustainable-2022-11-02/
Meanwhile Deliveroo has just closed shop after operating in Australia for 7 years.
Not bad leh. keep going. I dun understand what is the pessimism here for? Slowly the company will work out their problems one by one, just like what Musk do to Twitter.
He think that is unsustainable but not others.
Why dun you just quit? complain for what? Grab don't own you a living.
Grab to implement some hiring, salary freezes amid uncertain economic climate: CEO in memo
Grab has been trying to stem losses by focusing on higher-paying customers and lowering spending on incentives. PHOTO: ST FILE
DEC 15, 2022
SINGAPORE – Grab Holdings, South-east Asia’s biggest ride-hailing and food delivery company, is rolling out cost-cutting measures to cope with an uncertain macroeconomic situation, the company’s chief executive told staff in a memo.
The measures include a freeze on most hirings, salary freezes for senior managers and cuts in travel and expense budgets, according to the memo, whose contents were confirmed by a company spokesman.
“None of these decisions were easy, but are meant to help us get leaner and fitter, as we accelerate even faster towards sustainable, profitable growth,” chief executive Anthony Tan said in the memo, which was sent to staff on Wednesday and was viewed by Reuters. “More so than ever, all Grabbers need to adopt a frugal and prudent mindset as we prepare for 2023.”
In November, Grab raised its 2022 revenue forecast, reported a narrower adjusted operating loss and said its food and grocery delivery business broke even three quarters ahead of the company’s expectations.
Mr Tan said in the memo that South-east Asia has not, and will not, be spared rising prices and interest rates, and the consequent effects on growth.
Grab’s new measures “will also help us avert knee-jerk reactions that may interrupt our plans down the road,” he said.
Decade-old Grab, a household name in eight South-east Asian countries, has been trying to stem losses by focusing on higher-paying customers and lowering spending on incentives. Singapore-based Grab had about 8,800 staff at the end of 2021.
In September, Grab’s chief operating officer, Alex Hungate, told Reuters that the company did not envision having to undertake mass layoffs as some rivals, including Uber have done. Instead, Mr Hungate said, the company would selectively hire, while reining in its financial-services ambitions.
The memo circulated on Wednesday said Grab would “freeze the majority of current open job requisitions which are not in offer stage”. Mr Tan wrote that requests to backfill and fill critical roles would need to be approved.
Certain leaders at the company would not be eligible for raises in their upcoming reviews, while the travel and expense budget will be reduced by another 20 per cent from the last guidance, according to the memo.
Grab has more than five million registered drivers and more than two million merchants on its platform. It caught global attention in 2018 when it acquired Uber’s South-east Asian business after a costly five-year battle.
Mr Tan said the company has been cautious with how it has spent money over the past two years, streamlining some businesses, tapering down incentives as well as slowing down hiring. These measures had helped Grab get closer to its profitability goals, he said. REUTERS
Grab’s cost-cutting moves no surprise as firm strives towards profitability: Analysts
Grab is rolling out cost-cutting measures to cope with an uncertain macroeconomic situation. PHOTO: LIANHE ZAOBAO
Adeline Tan
Dec 18, 2022
SINGAPORE – The recent cost-cutting measures by Grab are not a surprise and will help the ride-hailing and food delivery giant move closer to its break-even target amid a challenging macroeconomic climate, analysts said.
The South-east Asian technology company, which is aiming to reach adjusted earnings before interest, taxes, depreciation, and amortisation (Ebitda) break-even for the group in the second half of 2024, said last Thursday that it would be cutting costs amid rising prices and interest rates, and their impacts on the company’s growth.
In a memo to staff seen by Reuters, Grab’s co-founder and chief executive Anthony Tan said there would be a pause on most hiring, salary freezes for senior managers, and also cuts in travel and expense budgets.
Mr Nirgunan Tiruchelvam, head of consumer and Internet at Aletheia Capital, said this may be a move to avoid reaching the point of having to lay off workers, the path that many other tech companies have gone down in recent months.
He said: “Grab is taking action on cost, but at the same time, trying to protect the jobs of its employees. So it is trying to balance the need to generate lower costs and at the same time maintain the headcount levels that it has.”
Of the three areas that Grab is operating in – deliveries, mobility and financial services – the financial services segment is the worst-performing, recording an adjusted Ebitda loss of US$104 million (S$141 million).
For its deliveries segment, its adjusted Ebitda was positive at US$9 million, and the best performer was its mobility segment, which saw a positive Ebitda of US$135 million.
One reason why Grab may not be doing too well in its financial services segment, which includes its payment system GrabPay, could be because the space is highly competitive, said senior equity analyst Kai Wang of financial services firm Morningstar.
He said: “The digital payments and fintech space is also pretty saturated across Asia. Grab can do user acquisition from its platform, but outside of that, not only are you competing against other fintech or commerce platforms, but you have to also compete against the brick-and-mortar banks that have an online set-up.”
The decision to reduce spending now is also wise, with money being a lot more expensive given high interest rates, and with break-even targets on the line, he added.
Mr Rolf Bulk, an analyst at New Street Research, said the cost-cutting measures are no surprise, given that similar actions have been taken by other technology companies.
In the past, these gig-economy companies were primarily focused on capturing market share through aggressive promotions. But now, they are reducing incentive spending and focusing on achieving profitability, he said.
Mr Venugopal Garre, a tech equity analyst at research and brokerage firm Bernstein, said Grab’s recent moves can be seen as a positive step and investors do not need to be too concerned.
The decision to cut costs is a move towards profitability and should not be used to judge the company’s growth prospects, which are still promising, given its market dominance, he said.
Grab operates in more than 480 cities across eight countries in South-east Asia, including Singapore, Indonesia and Thailand.
Mr Garre added: “Grab is an unprofitable company overall and hence it is essential to control costs, reduce cash burn, and head to profitability. This is a prudent step, given the focus is on areas of operations that Grab has adequate staff for.”
Can Singapore revive the stock market from its sick bed?
Kang Wan Chern
Assistant Business Editor
The SGX has successfully listed some of the world’s biggest Reits and courted three special purpose acquisition companies. PHOTO: ST FILE
UPDATED
APR 1, 2023
SINGAPORE – For years, American investor Jim Rogers has been looking to buy and hold Singapore stocks that are cheap, unique and possess exciting growth prospects. The pickings have been lean.
Mr Rogers, who is known for being bullish about commodities and China, has identified just a handful of local companies that fit the bill, including Singapore Airlines (SIA), air cargo handler Sats and coal miner Geo Energy Group, where he is a director.
Mr Rogers, who has lived here since 2007, has cast his eye over other stocks such as the real estate investment trusts (Reits) the Singapore Exchange (SGX) is known for, but notes: “There are too many of them. I am looking for something that is unique.
“There are many other good and well-managed companies listed in Singapore that should be on investors’ radars, but they just don’t do well as stocks.”
Mr Rogers cites SIA: “The airline is among the best in the world yet its share price has been going down for the past 15 years.
“It’s just not a good stock and I can’t figure out why.”
SIA traded at just under $15 a piece in 2007 but is now around $5.73.
One culprit is declining liquidity on the SGX.
A liquid stock market attracts more investors as they can easily buy and sell shares at prices they are comfortable with. This, in turn, increases trading and supports stock valuations, which attracts more companies to list.
This is important for Singapore, which is growing as a financial hub.
Mr Tham Tuck Seng, capital markets leader at PwC Singapore, says: “If Singapore wants to be a forward-looking digital economy, it must have a robust platform for innovative firms to raise capital.”
The SGX has successfully listed some of the world’s biggest Reits, courted three special purpose acquisition companies and brought the secondary listings of Chinese electric vehicle maker Nio and the Philippines’ largest brandy maker Emperador to the local market, among others.
Yet, liquidity levels have not risen.
The benchmark Singapore Straits Times Index (STI), now at around 3,260 points, is near the same level it was 10 years ago, and lower than its peak at just over 3,700 points in October 2007.
In contrast, the United States’ S&P500 index has more than doubled over the same period, while India’s Sensex index has more than tripled since 2007.
A flat or declining index is not attractive to investors, as it suggests that most are not making money from it. It also hits trading volumes and liquidity.
From the financial year (FY) 2015 to FY2021, daily average traded value on the SGX fluctuated between $1 billion and $1.4 billion, and fell under $1.3 billion in FY2022, according to SGX data.
The number of initial public offerings (IPOs) – where a company raises capital by offering its shares to the public for the first time – on the SGX has fallen over the years, with 12 companies listing in 2022, excluding secondary listings, versus 20 in 2017. Just one company has done an IPO so far in 2023 – YKGI, which owns the Yew Kee duck rice chain.
Singapore online property solutions company Ohmyhome made its debut on the Nasdaq on March 22, opting, like its rival PropertyGuru, to list in the US “for better valuations”, its founders told The Straits Times.
Other Singapore tech firms such as Grab, Sea and Razer have also taken their IPOs elsewhere.
More companies are leaving the SGX than joining it. In 2022, 36 companies left the bourse, compared with 22 in 2021 and 39 in 2020. In 2023, Boustead Projects, Golden Energy and Resources and GK Goh are among those that have received privatisation offers.
Even a track record of profitability does not attract or excite investors. This leaves issuers frustrated and some seek to go private. Singapore Medical Group, which delisted in 2022, said a lack of interest from investors had hampered it from raising funds.
Mr S. Nallakaruppan, president of The Society of Remisiers (Singapore), notes: “Companies go public either because they can get much better valuations from the market, or to raise additional capital.
“If neither condition is met, it is better for them to stay private or list elsewhere.”
To be fair, stock markets worldwide have been volatile, with many opting for other investments with more stable returns.
Mr Nasser Ismail, global head of equity capital markets at the SGX Group, points out that stock trading has fallen globally over the past year as interest rates rise. The number of IPOs has dwindled even in the US.
EY data shows that global IPO volumes fell 45 per cent in 2022 compared with 2021, with proceeds raised down by 60 per cent year on year. The downward trend has continued in 2023, Bloomberg data showed.
But trading on the SGX is still below par. ST examines four factors behind this.
Lack of players and variety
The SGX, which is widely seen as an exchange dominated by Reits and banks, needs a larger and more diversified mix of active investors and issuers to make it more vibrant and liquid.“The reason there is low daily liquidity is that investors here are more conservative and many buy blue-chip shares like SIA, Singtel or the banks for their dividends and stability, and hold them for the long term,” says Mr Gavin Chia, managing director of online broker moomoo Singapore.
Mr Jason Tan, portfolio manager at local brokerage Phillip Securities, said many of his clients are moving money back into the Singapore stock market after dabbling in US stocks and cryptocurrencies, and many are investing in Reits.
“Reits have always been a popular choice among Singapore investors due the constant dividends and common belief that properties will never go wrong as an investment in Singapore,” he said.
Some say big institutional investors like state investment fund Temasek should be more active in the local market.
Singapore companies, including listed blue-chip firms like DBS, Singtel and Keppel Corp, accounted for around 27 per cent of Temasek’s investment portfolio by underlying assets as at March 31, 2022, a spokesman said.
Temasek last participated in an SGX IPO in 2020, when it invested in Nanofilm. It bought shares in AEM Holdings in 2021 through a private placement, which is a sale of shares to pre-selected investors rather than publicly on the open market.
It also took part in several rounds of rights issues by portfolio companies such as SIA, Sats, commodities trader Olam International and shipyard Sembcorp Marine.
In a rights issue exercise, a company offers its existing shareholders the chance to buy additional shares at a discounted price.
Temasek’s spokesman says the fund invests in companies it expects will benefit from four trends – digitisation, sustainable living, future of consumption and longer lifespans.
The local stock market needs more issuers from other industries, like technology, to attract a wider mix of investors.
Mr Nasser says few Singapore tech companies are mature enough to go public for now: “The critical mass of growth companies is not there yet, but their supply will come with time. As the region matures, we expect some of them to list here.”
He cites tech companies such as Venture Corp, AEM and Silverlake Axis that trade well on the SGX, noting: “We believe it is a matter of time before other technology companies here become familiar names to investors. When that happens, trading of their stocks will improve.”
Mr Nasser adds that Singapore’s Reit regime took two decades to build up to the 42 firms now listed: “People need time to understand and observe the sector.
“In the meantime, we have to look beyond Singapore to draw others in the region to list here.”
The SGX is receiving support from the Government and Temasek on this front, with the launch of a co-investment fund starting at $1.5 billion to help high-growth, digital economy companies list in Singapore.
Since September 2021, the Anchor Fund @ 65 has invested around 25 per cent of its capital in used car platform Carsome, shopping and rewards app Shopback, and entertainment firm Neon.
The Monetary Authority of Singapore (MAS) has raised the cap for a grant to better support the listings of unicorn companies – defined as unlisted start-ups valued in excess of US$1 billion (S$1.3 billion) – in Singapore. Since its inception in 2019, the grant has supported 37 listings, 27 of which were on the Catalist board.
Need for more investor engagement
Catalist companies currently see lower trading volumes than their Mainboard peers and more should be done to get investors interested in them.ST understands that while there are around 700 to 800 companies listed on the SGX, the bulk of trading is done mainly on the Reits, three local banks and some component stocks on the STI. “This, when many other SGX-listed companies offer decent dividend yields of 3 per cent or more and trade below their valuations,” Mr Nallakaruppan says.
Mr Nasser says that firms should do more to raise their profiles among investors: “Companies should treat their IPOs as a next stage of growth and spend time and resources to engage shareholders and investors so they would continue to invest in them.”
Veteran investor Ang Hao Yao agrees. “All companies should aim to have an investor relations (IR) function to help them explain how their products are improving investors’ lives or bringing Singapore as a country forward”.
Mr Ang, who for the past 30 years has invested mainly in smaller-cap firms, including those on Catalist, adds that these companies should also voluntarily report their financials on a quarterly basis to keep investors up to date.
The Straits Trading Company has been doing just that.
The conglomerate launched a shareholders’ club in 2021, giving members access to management and private events. Accredited investors also enjoy opportunities to invest in novel real estate tokenisation projects.
Since starting the club, the number of shareholders in Straits Trading has increased by approximately 50 per cent, from 4,000 to around 6,000, says Mr Eric Teng, chief executive of Straits Development, the firm’s property business.
But many other firms need more help to engage. The SGX runs programmes for shareholders to gain face time with the management of listed companies, but some observers said it can provide better customer service to ensure issuers’ needs are met after they list.
Some brokers and sponsors are lending a hand. SAC Capital, which provides sponsor support for Catalist companies, has started an equities research arm to help investors uncover “investment gems” not often on the radar with the help of social media, says head of equities research Matthias Chan.
moomoo Singapore is using its online reach to raise the profiles of home-grown firms such as artist management company NoonTalk Media and wireless Internet solutions provider iWow Technology, which both listed on Catalist in 2022.
Mr Chia says many investors, especially the younger ones, do not know about the made-in-Singapore companies listed here. “If they are not aware you exist or are listed, how will they invest in you?”
There is little independent research available on smaller-cap stocks, which are more affordable, said Securities Investors Association Singapore (Sias) president David Gerald. A scheme to provide more such research was launched in 2004 but called off after three years.
Mr Gerald adds that most existing research is now done on large-cap stocks by analysts at broking firms, but many retail investors do not have access to the information.
This should soon improve. The MAS said 13 research houses have taken advantage of a grant to widen the research coverage of SGX-listed stocks. As at December 2022, the firms had hired 34 research analysts who generated more than 800 reports on 132 SGX-listed companies – about 20 per cent of the total listings.
Tiger Brokers has started issuing regular reports on specific industries as well as macroeconomic events for its clients. Mr Edmund Chan, a director from the online broker, says this has encouraged more to start investing.
Former remisier Tng Kim Bock adds that the SGX should increase the range of pricing data available to the market and make it free of charge, as this helps investors trade more efficiently.
Onerous conditions, little recourse
The SGX should find a better balance between running a tight ship and subjecting firms to overly prohibitive regulations.A number of IR firms told ST that some Catalist companies are at times reluctant to take corporate actions, such as rights issues and mergers and acquisitions, due to the SGX’s compliance and disclosure requirements. These include Exchange queries each time their share prices see sudden movements, for example, which they see as being bad for their reputations.
The IR firms added that some sponsors can also be overly restrictive. Sponsors are authorised by the SGX to evaluate companies’ suitability to list and assist them in meeting their ongoing regulatory and disclosure requirements, among others.
Mr Nallakaruppan and Mr Tng agree that regulations such as the minimum trading price (MTP) rule, announced in 2016, have suffocated trading.
Under that rule, which required Mainboard companies to maintain an average share price of at least 20 cents for six months to curb speculation, many companies were forced to merge their shares to prop up the price, resulting in fewer shares available, or move to Catalist. Those who failed to do so were put on a watchlist.
Although the MTP rule was abolished in 2020, the damage has been done. Many investors who left the market because of the rule never came back.
Regulations became tighter in 2013, after the SGX suspended the shares of penny stocks Blumont Group, Asiasons Capital and LionGold Corp, collectively known as BAL. This came after investigations revealed that their share prices had been artificially inflated. All three stocks later crashed, erasing up to $8 billion in combined market value.
The BAL scandal was followed by the collapse of heavily indebted commodities trader Noble Group in 2018 after it drew flak for irregular accounting practices and later became a target for short sellers.
The SGX responded by enhancing trading safeguards and disclosure obligations and introduced more rigorous requirements for IPOs.
The Singapore Exchange Regulation (SGX RegCo) was also set up to supervise issuers and trading activities on the SGX. It was armed with investigative and direct enforcement powers.
While the regulations were meant to promote a more transparent and efficient market, they have nevertheless frustrated some issuers.
“The SGX RegCo should relax. Not every firm is Noble and not every trader is John Soh,” said one observer, referring to the mastermind behind the BAL scandal.
SGX’s Mr Nasser said: “We are in the business of trust and there is no compromise on this. We want people to be assured that the share price they are getting in the stock market is real. If we lose this trust then we have lost the market.”
But while action is taken against errant firms, there is little recourse for retail investors who suffered hefty losses from BAL, Noble and other stocks that have collapsed. Many other companies are also suspended, and those who invested in them are unable to get their money back.
“It is critical to set up an ombudsman office to hear investor grievances and seek recourse for aggrieved investors,” Mr Nallakaruppan says.
“We need to rebuild much-needed investor confidence in the stock market. This is one of the main reasons why liquidity has declined.”
Should SGX invest more in the equities business?
Apart from being a regulator, the SGX is itself a listed company responsible for delivering profits to its shareholders.In recent years, it has channelled resources to expanding its more lucrative commodities and currency derivatives business while the equities business has weakened.
SGX Group reported a 7 per cent year-on-year increase in adjusted net profit to $236.8 million for the first half of its FY ending June 30, 2023. Total revenue increased 10 per cent to $571.4 million in the same period. This was mainly driven by the currencies and commodities derivatives business, which rose by 40 per cent to $150 million over the period.
In contrast, revenue from the equities business, excluding equities derivatives like exchange traded funds (ETFs), declined by 10 per cent to $171.2 million. Daily average traded value declined 7 per cent to $1.1 billion.
With the SGX deriving a growing portion of its earnings from derivatives, some observers said the bourse may not have sufficient incentive to invest further into its equities business for now.
In a March 14 post-results report on the SGX, RHB Invest analyst Shekar Jaiswal wrote that the SGX’s equities business, excluding equities derivatives, will continue to be weak amid decelerating global growth.
He added that delays in major IPOs amid low market valuation would block any meaningful growth in daily average trading volumes in FY2023.
“The SGX derives a growing portion of revenue from derivatives and it will go where the money is,” says Mr Tham of PwC.
But he says the equities business is still an important pillar for the SGX’s growth: “Singapore is a financial hub and we need the SGX to continue engaging with IPO aspirants and promoting us as a place for companies to list and raise funds.”
The SGX has several factors going for it. More global funds are flowing into Singapore via family offices and other asset managers, said Mr Tham. More international firms are also showing interest to list on the SGX and use it as a platform to expand in the region.
Firms that were formerly listed on the SGX could also seek to relist in the years to come. In February, contract manufacturer Hi-P International told The Business Times that it might relist here in 2024 or 2025 to fuel its expansion.
Mr Nasser says that the SGX is still an attractive exchange with credible investors and regulatory stability.
Home-grown companies that list here are more likely to be appreciated by local investors than in bigger and busier bourses in the US or Hong Kong.
“We are still attaining scale but we are already so much more than just an exchange for real estate companies and banks,” he notes.
That may be so, but convincing stakeholders, including investors like Mr Rogers, will take a lot more doing.
Lets face it
Grab used some silicon valley guru to list in the US.
The guru walked off the profit upon listing based on fictitious value of company.
Grab now must compensate that fictitious value with current reality.
If they had grown organically and not got greedy, this would not happen.
Grab used some silicon valley guru to list in the US.
The guru walked off the profit upon listing based on fictitious value of company.
Grab now must compensate that fictitious value with current reality.
If they had grown organically and not got greedy, this would not happen.
Grab co-founder Tan Hooi Ling to exit her operational roles
Grab co-founder Tan Hooi Ling currently leads the company's technology and corporate strategy teams, and previously served as operating chief until 2022. PHOTO: GRAB
May 25, 2023
SINGAPORE – Grab Holdings co-founder Tan Hooi Ling is stepping down from her operational roles by the end of 2023, more than a decade after she helped start the Singapore-based ride-hailing and food delivery company.
Ms Tan, 39, will also give up her seat on the board, although she will remain an adviser to the company, according to an internal memo sent to employees on Thursday and seen by Bloomberg News.
She currently leads Grab’s technology and corporate strategy teams, and previously served as operating chief until 2022.
Her exit leaves chief executive officer Anthony Tan steering the company without his co-founder as it fights to reverse years of losses. Last week, its shares fell the most in more than a year after the company reported slowing spending by customers grappling with a higher rate of inflation and rising interest rates.
The two Tans, who are not related, founded Grab in 2012. Ms Tan then left briefly to work at other companies in the United States before rejoining Grab in April 2015. She led various operations and technology teams, and has also served as a member of Grab’s board since its stock market debut in the US in December 2021.
In the memo to staff, Mr Tan said he wholeheartedly supports his co-founder’s decision to “pursue her personal passions at this time”.
A succession plan has been in place for some time, he added.
Grab is battling intensifying competition in South-east Asia’s ride-hailing and delivery markets, with the contenders luring customers with promotions and lower prices.
Grab has been slower to reduce expenses than regional competitors – as Singapore’s Sea and Indonesia’s GoTo Group eliminated thousands of jobs in 2022, Grab refrained from mass layoffs.
The company has predicted it can reach break-even on an adjusted basis in the last quarter of 2023. While it reported a narrower quarterly loss last week, its customers are spending less on the platform than analysts expected. In the first quarter, its net loss narrowed to US$244 million (S$330 million) from US$423 million a year earlier. BLOOMBERG
How to go back? The founders took singapore citizenship. Renounced their jiu hu passport.
She already made her money. Now can go on a perpetual holiday. Those investors lost money, not her.Grab co-founder Tan Hooi Ling to exit her operational roles
Grab co-founder Tan Hooi Ling currently leads the company's technology and corporate strategy teams, and previously served as operating chief until 2022. PHOTO: GRAB
May 25, 2023
SINGAPORE – Grab Holdings co-founder Tan Hooi Ling is stepping down from her operational roles by the end of 2023, more than a decade after she helped start the Singapore-based ride-hailing and food delivery company.
Ms Tan, 39, will also give up her seat on the board, although she will remain an adviser to the company, according to an internal memo sent to employees on Thursday and seen by Bloomberg News.
She currently leads Grab’s technology and corporate strategy teams, and previously served as operating chief until 2022.
Her exit leaves chief executive officer Anthony Tan steering the company without his co-founder as it fights to reverse years of losses. Last week, its shares fell the most in more than a year after the company reported slowing spending by customers grappling with a higher rate of inflation and rising interest rates.
The two Tans, who are not related, founded Grab in 2012. Ms Tan then left briefly to work at other companies in the United States before rejoining Grab in April 2015. She led various operations and technology teams, and has also served as a member of Grab’s board since its stock market debut in the US in December 2021.
In the memo to staff, Mr Tan said he wholeheartedly supports his co-founder’s decision to “pursue her personal passions at this time”.
A succession plan has been in place for some time, he added.
Grab is battling intensifying competition in South-east Asia’s ride-hailing and delivery markets, with the contenders luring customers with promotions and lower prices.
Grab has been slower to reduce expenses than regional competitors – as Singapore’s Sea and Indonesia’s GoTo Group eliminated thousands of jobs in 2022, Grab refrained from mass layoffs.
The company has predicted it can reach break-even on an adjusted basis in the last quarter of 2023. While it reported a narrower quarterly loss last week, its customers are spending less on the platform than analysts expected. In the first quarter, its net loss narrowed to US$244 million (S$330 million) from US$423 million a year earlier. BLOOMBERG
How come taxi companies using less efficient methods can survive but not uber?
Maybe they have a backup copy?
Yeah... Already huat big big liao
Attachments
If got, most likely its new york, London, tokyo or shanghai. Rich people cities. KL is a backwater. So many bungalows for sale. Even within city centre. No takers.
Grab is an over-hyped stock and it has turned out to be a lemon.
Very wise for Hooi Ling to walk away with whatever she can cash in before Grab becomes another WeWork.
Very wise for Hooi Ling to walk away with whatever she can cash in before Grab becomes another WeWork.
https://www.cnbc.com/quotes/WE
Masayoshi San of Softbank got screwed over USD40 bln in WeWork.
This must have given Hooi Ling the cold feet.
Masayoshi San of Softbank got screwed over USD40 bln in WeWork.
This must have given Hooi Ling the cold feet.
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