Grab’s Future Plans
Following its successful quarter, Grab has announced a stock buyback program to reward its shareholders for their continued trust and support. Additionally, the company has denied rumors of acquiring its competitor, FoodPanda, indicating a focus on organic growth and strategic partnerships.
Gen AI and Cloud Optimization Help Asian SuperApp Grab Turn a Profit
Grab, a leading Superapp in Southeast Asia has achieved a significant milestone by turning a profit for the first time in the fourth quarter of 2023. This accomplishment comes after the company implemented various cost-cutting measures and embraced generative artificial intelligence (Gen AI) to optimize its operations.
In Short
- Grab, the Asian SuperApp, reports its first-ever net profit.
- A 32% decline in cloud costs and an 18% reduction in total headcount contribute to the profit.
- Gen AI plays a crucial role in Grab’s success, reducing content generation time from 99 hours to just 90 minutes.
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