Singapore ride-hailing firm Grab Holdings said it is cutting over 1,000 jobs or 11% of its workforce to cut costs and keep the company competitive, in its biggest round of job cuts since the pandemic. Grab CEO Anthony Tan said in a letter sent to employees that the job cuts were not a “shortcut to profitability” but part of a fundamental restructuring. Grab’s shares on NASDAQ were up more than 5% in premarket trading, but declined nearly 1.5% midday. The Singapore-based company started out as a taxi-hailing service in Malaysia, before later expanding to ride-hailing, food delivery and financial services across eight countries in Southeast Asia. It had previously said it had no plans for massive layoffs.