Grab Holdings Limited
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In December 2021, Grab went public via business combination with Altimeter Growth Corp., a special purpose acquisition company. The Company claimed that its “mobility business has been rising as lockdowns have been relaxed. Our payments business also continues to grow. We’re seeing all strong signs.”
Then, on March 3, 2022, Grab disclosed that its fourth quarter revenues had declined 44% from the previous quarter and reported a $1.1 billion loss for the quarter. Grab’s Chief Financial Officer attributed the poor financial results to “invest[ing] heavily” in driver incentives and stated that it would take one or two quarters “to get that equilibrium between drivers and riders, between supply and demand.”
On this news, Grab’s stock fell $2.04, or 37.3%, to close at $3.28 per share on March 3, 2022, thereby injuring investors.