Grab reported earnings for the first time as a publicly traded company, namely a colossal loss of $1.06 billion for Q4, nearly double the loss from a year ago. For the whole year, Grab lost an inexplicable $3.45 billion, up from a loss of $2.61 billion in the prior year.
How can you lose $6.1 billion in two years by delivering food and driving people around? That was a rhetorical question.
Revenues plunged by 44% to $122 million in Q4; and for the full year by 44% to $675 million. As you’d expect, there’s a big yada-yada-yada story to make this fiasco sound better, including that the company spent a huge amount on incentives, discounts, and promotions to get consumers to use its services and to get drivers to do the work. These incentives are deducted from revenues.
Upon the news of exploding losses, shares crashed 37% and are down by 81% from their high on November 12, 2021, just before the SPAC merger was finalized. The boom in SPACs that started in 2020 has, as everyone knew it would, turned into one of the great scams (data via YCharts):
Recent GRAB News
- Norfolk Southern CEO Fired, Ryanair Lowers Fare Forecast, 23andMe Considers Acquisition Proposals • IH Market News • 09/12/2024 10:02:29 AM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 08/26/2024 08:23:06 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 08/26/2024 08:04:36 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 08/22/2024 11:00:18 AM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 08/20/2024 01:00:58 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 08/16/2024 01:25:43 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 08/15/2024 12:30:03 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 08/15/2024 11:00:03 AM
- Grab Reports Second Quarter 2024 Results • GlobeNewswire Inc. • 08/15/2024 11:00:00 AM
- U.S. Futures Rise on Easing Inflation, Oil Prices Rise • IH Market News • 08/15/2024 10:09:48 AM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 08/08/2024 08:16:16 PM
- Alphabet Unveils AlphaProof and AlphaGeometry 2; OpenAI Tests SearchGPT; Apple Loses Market Share in China • IH Market News • 07/26/2024 10:07:41 AM
- Grab to Announce Second Quarter 2024 Results on August 15, 2024 • GlobeNewswire Inc. • 07/23/2024 10:15:00 AM
- Ericsson Reports 14% Profit Increase, UBS Downgrades Tesla Shares, Ozempic Linked to Reduced Dementia Risk • IH Market News • 07/12/2024 10:28:11 AM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 07/08/2024 08:17:14 PM
- Grab Reports First Quarter 2024 Results • GlobeNewswire Inc. • 05/15/2024 10:45:00 PM
- U.S. Index Futures Flat Ahead of April CPI Data Release, Oil Prices Drop • IH Market News • 05/15/2024 11:50:05 AM
- Grab to Announce First Quarter 2024 Results on May 15, 2024 • GlobeNewswire Inc. • 04/24/2024 10:00:00 AM
- Grab Files Annual Report on Form 20-F for Fiscal Year 2023 • GlobeNewswire Inc. • 03/28/2024 12:30:01 PM
- Crypto: Bitcoin Plummets, Grayscale Promises Lower Fees, and Latest News • IH Market News • 03/19/2024 05:16:16 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 03/08/2024 09:27:01 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 03/04/2024 10:35:23 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 03/01/2024 09:06:48 PM
- Goldman Sachs Reconsiders Fed Cuts, LUNR Surges Over 40% in Pre-Market, and More • IH Market News • 02/23/2024 01:03:59 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 02/22/2024 12:09:46 PM
Lingerie Fighting Championships Signs Broadcast Deal With Maybacks Global Entertainment • BOTY • Sep 26, 2024 9:00 AM
Maybacks Global Entertainment and Lingerie Fighting Championships Enter Into Broadcast And Revenue Sharing Agreement • AHRO • Sep 26, 2024 8:30 AM
North Bay Resources Commences Operations at Bishop Gold Mill, Inyo County, California; Engages Sabean Group Management Consulting • NBRI • Sep 25, 2024 9:15 AM
CEO David B. Dorwart Anticipates a Bright Future at Good Gaming Inc. Through His Most Recent Shareholder Update • GMER • Sep 25, 2024 8:30 AM
Cannabix Technologies and Omega Laboratories Inc. Advance Marijuana Breathalyzer Technology - Dr. Bruce Goldberger to Present at Society of Forensic Toxicologists Conference • BLOZF • Sep 24, 2024 8:50 AM
Integrated Ventures, Inc Announces Strategic Partnership For GLP-1 (Semaglutide) Procurement Through MedWell USA, LLC. • INTV • Sep 24, 2024 8:45 AM