Grab Plans To Cut Headcount By 5%, Biggest Reduction Since Pandemic: Report
Portfolio Pulse from Lekha Gupta
Grab Holdings Inc (NASDAQ:GRAB) plans to cut its workforce by 5% (around 360 staff) due to the economic impact of the pandemic. This comes after the company reported Q1 FY23 revenue growth of 130% YoY to $525 million, beating consensus estimates.
June 20, 2023 | 11:49 am
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Grab Holdings plans to cut its workforce by 5% due to the pandemic's economic impact, despite strong Q1 FY23 revenue growth.
The news of Grab Holdings cutting its workforce by 5% is likely to have a negative short-term impact on the stock price, as investors may perceive this as a sign of financial strain. However, the company's strong Q1 FY23 revenue growth could partially offset this negative sentiment.
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