A Grab employee shows the Apps used to book a cab in the metro Manila, Philippines July 22, 2016.
REUTERS/Romeo Ranoco/File Photo Acquire Licensing RightsAug 23 (Reuters) - Grab (GRAB.O) forecast a smaller operating loss for the current fiscal year and pulled forward its profitability timeline on Wednesday, driven by cost savings from its recent workforce reduction.
The Southeast Asian internet firm now sees adjusted loss before interest, taxes, depreciation and amortization between $30 million and $40 million, compared to its earlier forecast of $195 million to $235 million.
Grab is undergoing a restructuring focused on lowering costs, with measures including cuts to its cloud bill and consumer and worker incentives.
In the quarter ended June 30, the company's revenue increased 77%, to $567 million, surpassing analysts' estimate of $546.1 million, according to Refinitiv data.
Persons:
Romeo Ranoco, Yuvraj Malik, Pooja Desai
Organizations:
REUTERS, Thomson
Locations:
Manila, Philippines, U.S, Bengaluru