Xavier Kong · · 1 min readGrab: No layoffs despite current market conditions
Southeast Asian ride-hailing and food delivery firm Grab will not be laying off staff and will continue hiring, though with a more selective process, Reuters reported.
Grab COO Alex Hungate shared that the company has been more carefully hiring new talent as a potential global recession looms.
The firm also shut distribution hubs for on-demand groceries last month and is slowing down the operations of its cloud kitchen facilities. It is also limiting its push into financial services as well, having reorganized its fintech unit to focus on more lucrative areas.
“You want to make sure that we’re conserving capital. The hurdle for making a hire has definitely been raised,” said Hungate.
The firm recently reported a strong second quarter but still saw a 12% plunge in its shares.
See also: Grab’s financial health in 9 charts
Editing by Miguel Cordon and Jaclyn Tiu
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