Shares of the giant fell as much as 37% in New York, after reporting disappointing profits.
The company reported revenue of $ 122 million for the fourth quarter, down 44 percent from a year earlier, as the company said it had “pre-invested to increase” the number of its drivers.
Shares of Grab fell 0.9% in trading after trading hours on Thursday, to about $ 3.28.
The decline came three months after the company’s debut at Nasdaq, the largest ever on Wall Street by a Southeast Asian company.
Grab (GRAB) went public in December through a merger with a special purpose vehicle or SPAC. The company raised $ 4.5 billion in the deal and was valued at nearly $ 40 billion.
In contrast, the company now costs about $ 12.3 billion based on its current market capitalization.
Grab was founded in 2012 and quickly rose to the most valuable private company in Southeast Asia before the IPO.
It acquired Uber’s business in Southeast Asia in 2018 and has since expanded into a variety of other services, including food delivery, digital payments and even financial services.
In recent years, the company has introduced itself as a “super application” that allows consumers to do everything from booking travel to taking out insurance and loans. About 24 million people use the app each month to make a transaction in 480 cities in eight countries by 2021, Grab said in his latest revenue report.
There were some highlights on Thursday: the company’s annual revenue for 2021 rose 44% year-over-year to $ 675 million, thanks to a jump in supplies and financial services.
And despite the significant loss, Grab “maintained leadership in the category in all of our major verticals,” Chief Financial Officer Peter Owei said in a statement.
“We remain laser-focused on our path to profitability and will continue to improve the economy of our units,” he added.