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The ride-hailing large’s inventory plummeted as a lot as 37% in New York after reporting disappointing earnings.
It posted income of $122 million for the fourth quarter, down 44% from the earlier 12 months because the agency stated it had “preemptively invested to develop” its variety of drivers.
Seize’s inventory was down 0.9% in after-hours commerce on Thursday, at about $3.28.
The slide got here three months after the agency’s debut on the Nasdaq, the biggest ever on Wall Avenue by a Southeast Asian firm.
In distinction, the corporate is now price about $12.Three billion primarily based on its present market capitalization.
Seize was based in 2012, and rapidly soared to turn into Southeast Asia’s most beneficial personal firm earlier than its IPO.
Lately, the agency has solid itself as a “tremendous app,” letting customers do every thing from reserving rides to taking out insurance coverage and loans. About 24 million individuals use the app every month to make a transaction, throughout 480 cities in eight international locations as of 2021, Seize stated in its newest earnings report.
There have been some brilliant spots on Thursday: The corporate’s full-year income for 2021 surged 44% year-on-year to $675 million, because of a leap in deliveries and monetary providers.
And regardless of the sizable loss, Seize “maintained class management throughout all our core verticals,” Chief Monetary Officer Peter Oey stated in an announcement.
“We stay laser targeted on our path to profitability and can proceed to enhance our unit economics,” he added.
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