Softbank-backed Grab prepares for 'long winter' as virus hits revenue
Reuters
Published May 14, 2020 02:56AM ET
Updated May 14, 2020 05:20AM ET
SINGAPORE (Reuters) - Softbank-backed Grab is preparing for a potentially "long winter", co-founder Tan Hooi Ling said on Thursday, as the ride-hailing firm's revenue takes a hit from the coronavirus outbreak.
The Southeast Asian company has seen an uptick in food and parcel deliveries, but its core ride-hailing business has dropped, she said.
Overall revenue was "lower than it used to be pre-COVID", she said. "During this time, we are preparing for the worst case scenario, which is potentially a very long winter."
The company is taking measures to be more capital efficient and conserve cash, she said.
Last month, Grab CEO Anthony Tan said the pandemic was the single biggest crisis to affect the eight-year-old company, with volumes in its ride-hailing business down by double-digit percentages in some countries.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.