Grab Plans To Cut Headcount By 5%, Biggest Reduction Since Pandemic: Report

Grab Holdings Inc GRAB is reportedly planning its biggest round of job cuts since the pandemic.

The company cites the economic impact of the pandemic for headcount cut and plans to reduce the workforce by 5% (or around 360 staff), Bloomberg reported.

The company can disclose layoffs news as soon as this week, as per the report. 

Last month, Grab announced that its co-founder Tan Hooi Ling is preparing to relinquish her operational and board roles by 2023 end.

Also, the company reported first-quarter FY23 revenue growth of 130% year-on-year to $525 million, beating the consensus of $490.1 million driven by growth across segments. EPS loss of $(0.06) is in line with the consensus.

Related: Why Are Grab Holding Shares Trading Higher Friday

Price Action: GRAB shares are trading higher by 6.43% at $3.64 premarket on the last check Tuesday.