2023-06-21 01:39:00
(Source: Reuters)
June 20, Grab technology taxi company based in Singapore announced it will lay off more than 1,000 employees, or about 11% of its workforce.
This is considered a phase staff cuts Grab’s largest scale since the COVID-19 pandemic.
In a letter to employees posted on Grab’s website, Grab’s CEO, Anthony Tan, affirmed that the restructuring is a difficult, but necessary step.
Mr. Tan said that technologies such as artificial intelligence (AI) are developing at breakneck speed. The cost of capital has increased, directly affecting the competitive landscape.
[Grab đang loay hoay tìm hướng đi mới để cải thiện lợi nhuận]
Grab’s CEO also emphasized that the main goal of this decision is to strategically reorganize the company, so that it can go faster, work smarter, and rebalance resources in its portfolio. consistent with long-term strategies.
He also added that Grab is on track to break even this year even though it doesn’t need to lay off employees.
In 2020, Grab cut 360 employees, or about 5% of its full-time workforce, due to the impact of the COVID-19 pandemic.
Despite leading the ride-hailing and delivery markets in Southeast Asia, Grab has yet to turn a profit due to growth spending and competition from rivals like Indonesia’s GoTo group.
Grab’s shares have fallen about 70% since launching on the New York Stock Exchange in late 2021. In addition, Grab is also facing the possibility of slow growth as customers grapple with high inflation. and interest rates increase.
Duc Thinh (VNA/Vietnam+)
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