South-east Asian super app Grab has cut quarterly losses for the first time in 18 months, sending its shares up 24 per cent after a long decline following a Spac merger in which it listed with a valuation of $40bn.
The Singapore-based group, which went public last year in one of the world’s biggest Spac deals, reported a loss of $435mn for the first quarter on Thursday, 60 per cent lower than the previous three months and its first improvement since the third quarter of 2020.
After plunging more than 80 per cent since its Nasdaq debut, shares in the company jumped after the earnings release to give it a market valuation of $9.7bn.
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