Grab Holdings Inc (NASDAQ: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.
