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Grab says delivery business softening, still 'laser-focused' on profitability

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Singapore's Grab Holdings Ltd on Thursday (Aug 25) slashed its gross merchandise volume (GMV) outlook for the year, blaming a strong dollar and cooling demand for food delivery services as consumers return to dining outdoors. US-listed shares of Grab fell 16 per cent in early trading. Grab and its peers recorded surging revenues during the pandemic as consumers stuck at...

A Grab logo is pictured at the Money 20/20 Asia Fintech Trade Show in Singapore, on March 21, 2019.Singapore's Grab Holdings Ltd on Thursday slashed its gross merchandise volume outlook for the year, blaming a strong dollar and cooling demand for food delivery services as consumers return to dining outdoors.Grab and its peers recorded surging revenues during the pandemic as consumers stuck at home relied on ordering food.

"Customers want to save money... they may actually show a preference to order groceries to cook for themselves." Tan added, indicating Grab may stand to benefit from its grocery delivery business.

 

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