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Monday, July 4, 2022

Grab shares crash nearly 40% after posting a $1 billion loss

Hong Kong
CNN Business

Grab, the Southeast Asian startup known for its “super app,” had a terrible Thursday.

The ride-hailing giant’s stock plummeted as much as 37% in New York after reporting disappointing earnings.

It posted revenue of $122 million for the fourth quarter, down 44% from the previous year as the firm said it had “preemptively invested to grow” its number of drivers.

The company also lost $1.1 billion during the period, which it largely attributed to the costs of going public in the United States during its blockbuster initial public offering last year.

Grab’s stock was down 0.9% in after-hours trade on Thursday, at about $3.28.

The slide came three months after the firm’s debut on the Nasdaq, the largest…

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