| Shares in Nasdaq-listed Grab Holdings fell 5% yesterday after Reuters exclusively reported that two top executives at the Southeast Asian ride-hailing and delivery firm’s fintech business have quit, adding to other senior departures in recent months at the loss-making group. Both the executives worked at the Grab Financial Group’s GrabFin unit, which is streamlining its regional and country teams with a view to focus on lucrative areas, Reuters reported, citing people familiar with the matter. The latest executive departures come as Grab’s losses rose to $3.6 billion in 2021 from $2.7 billion a year earlier, while revenue rose 44%, with investors focusing on how the firm plans to stem losses. The Grab stock ended the day’s trade down 5.1% after the Reuters story, while the Nasdaq composite index added 1.51%. |
Business & Finance
Reuters exclusive reveals that two senior Grab executives have quit as company rejigs unit to stem losses
25 May 2022, 8:43 am 1 minute
Market Impact
The Grab stock ended the day’s trade down 5.1% after the Reuters story, while the Nasdaq composite index added 1.51%.
Article Tags
Topics of Interest: Business & Finance
Type: Reuters Best
Sectors: Equities
Regions: Americas
Countries: CambodiaMalaysiaMyanmarPhilippinesSingaporeThailand
Win Types: Exclusivity
Story Types: Exclusive / Scoop
Media Types: Text
Customer Impact: Important Regional Story
