UPDATE 1-Singapore’s Grab forecasts smaller operating loss this year

Grab forecast a smaller operating loss for the current fiscal year and pulled forward its profitability timeline on Wednesday, driven by cost savings from its recent workforce reduction. The Southeast Asian internet firm now sees adjusted loss before interest, taxes, depreciation and amortization between $30 million and $40 million, compared to its earlier forecast of $195 million to $235 million. Grab is undergoing a restructuring focused on lowering costs, with measures including cuts to its cloud bill and consumer and worker incentives.