, its CEO said Tuesday, in a bid to manage costs and reorganize the company in a competitive landscape.
In an email to staff, CEO Anthony Tan said the layoffs are a "painful but necessary step" that the ride-hailing and food delivery app operator must take to remain competitive in the future. "The primary goal of this exercise is to strategically reorganize ourselves, so that we can move faster, work smarter, and rebalance our resources across our portfolio in line with our longer term strategies," said Tan.in response to Covid-19 pandemic challenges.
Even without layoffs, Tan said Grab is on track to hit breakeven this year on group adjusted earnings before interest, taxes, depreciation, and amortization. In February, the company said it wasto the fourth quarter of 2023, half a year earlier than its previous guidance. The CEO said the job cuts are not a "shortcut to profitability" but will enable Grab to adapt to the business environment and rapid emergence of A.I.
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