Now, we believe fundamental step-changes in our operating model and cost structure are needed to build our competitive moat for the longer-term. This is why we had streamlined some focus areas in the past year. To most effectively leverage these opportunities, we must combine our scale with nimble execution and cost leadership, so that we can sustainably offer even more affordable services and deepen our penetration of the masses, and also serve our driver- and merchant-partners better. Today, thanks to each of you, we have grown to a sizable scale and are well-positioned to seize substantial new growth opportunities. The cost of capital has gone up, directly impacting the competitive landscape. Technology such as Generative AI is evolving at breakneck speed. We must adapt to the environment in which we operate. While important, our profitability milestone is only a step in a longer journey.
With or without this exercise, we’re on track to hit Group Adjusted EBITDA breakeven this year. As a result, our bottom line has improved every quarter since Q1 2022. Over the past couple of years we’ve been consistent in managing costs tightly in all areas of our operations and on improving platform efficiency. I want to be clear that we are not doing this as a shortcut to profitability. I know that a decision like this is a difficult one, and I want to be accountable and explain why and how we got here. We are informing you after office hours for as many of our locations as possible, so you have the space and time to process the news privately. The below is an extract from an email that Anthony Tan, Grab CEO, sent to all Grabbers.
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