Grab shares have lost two thirds of its value year to date
Grab Holdings does not expect the company to make “mass layoffs" or freeze hiring unlike other tech companies, said COO Alexander Hungate in an interview with Reuters.
"Around mid-year, we did some kind of specific reorganisations, but I know other companies have been doing mass layoffs, so we don't see ourselves in that category," he said.
However, Grab isn’t in that position because it was “very careful and judicious about any hiring” earlier in the year out of concern about a global recession, Hungate said.
Grab named Hungate as COO in January. He was previously CEO of ground handler SATS.
"You want to make sure that we're conserving capital. The hurdle for making a hire has definitely been raised," he said.
As at end of 2021, Grab had a headcount of around 8,800.
For its 2QFY2022 ended June, Grab reported a loss of US$572 million, an improvement of 29% y-o-y over the losses of US$801 million in 2QFY2021.
Grab's Nasdaq-listed shares closed at US$2.75 on Sept 23, down 61.9% year to date.