Grab, the Southeast Asian startup known for its â€œsuper app,â€ had a terrible Thursday.
The ride-hailing giantâ€™s stock plummeted as much as 37% in New York after reporting disappointing earnings.
It posted revenue of $122 million for the fourth quarter, down 44% from the previous year as the firm said it had â€œpreemptively invested to growâ€ its number of drivers.
Grabâ€™s stock was down 0.9% in after-hours trade on Thursday, at about $3.28.
The slide came three months after the firmâ€™s debut on the Nasdaq, the largest ever on Wall Street by a Southeast Asian company.
Grab (GRAB) went public in December by merging with a special-purpose acquisition company, or SPAC. The company raised $4.5 billion in the deal, and was valued at nearly $40 billion.
In contrast, the company is now worth about $12.3 billion based on its current market capitalization.
Grab was founded in 2012, and quickly soared to become Southeast Asiaâ€™s most valuable private company before its IPO.
It acquired Uberâ€™s Southeast Asia business 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 firm has cast itself as a â€œsuper app,â€ letting users do everything from booking rides to taking out insurance and loans. About 24 million people use the app each month to make a transaction, across 480 cities in eight countries as of 2021, Grab said in its latest earnings report.
There were some bright spots on Thursday: The companyâ€™s full-year revenue for 2021 surged 44% year-on-year to $675 million, thanks to a jump in deliveries and financial services.
And despite the sizable loss, Grab â€œmaintained category leadership across all our core verticals,â€ Chief Financial Officer Peter Oey said in a statement.
â€œWe remain laser focused on our path to profitability and will continue to improve our unit economics,â€ he added.