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Shares of Southeast Asian Tech Giant Grab Drop 37% on Weak Earnings

By
Juro Osawa
· · Source: The Information

Shares of ride-hailing and food delivery app Grab, one of Southeast Asia’s largest internet companies, plunged 37% Thursday in New York after the firm reported worse-than-expected quarterly results. Singapore-based Grab, which went public on Nasdaq in December through a merger with a special purpose acquisition company, said its revenue for the fourth quarter declined 44% to $122 million. Its...

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