The Southeast Asian internet firm also delivered better-than-expected results for the last quarter, sending its U.S.-listed shares up 9%.
The company now expects to break even on an adjusted core earnings basis in the current quarter ending September, ahead of its earlier fourth-quarter target. Moreover, it expects $80 million in annualized cost savings from the recent changes, including layoffs.
Grab is undergoing a restructuring focused on lowering costs, with measures including cuts to its cloud bill and consumer and worker incentives.
In June, the company reduced around 1,000 roles, or about 11% of its workforce, in its biggest round of layoffs since early 2020, when the pandemic began.
It 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.
"While we tried to optimize our bottom-line, we're also making sure that we can continue to grow our business," Grab CFO Peter Oey said in an interview.
"There's still a lot of opportunity in mobility. We haven't reached pre-COVID levels yet, which we are aiming for by the end of this year."
In the quarter ended June 30, the company's revenue increased 77%, to $567 million, surpassing analysts' estimate of $546.1 million, according to Refinitiv data.
Sales from the food delivery business - its largest - more than doubled, while those from the ride-share business grew 29%. Delivery sales were marginally lower than Refinitiv estimates.
The company said it took a $50 million charge largely related to the layoffs in June. On adjusted basis, Grab lost 3 cents per share, compared to an estimated 5 cents.
