(Bloomberg) -- Grab Holdings Ltd. shares jumped 11% after the company brought forward its profitability target and posted a narrower quarterly loss, buoyed by extensive cost cuts at the Southeast Asian ride-hailing and food-delivery provider.

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The stock had its biggest gain in three months in New York after Grab said on Wednesday it expects to break even in the third quarter, rather than the fourth quarter as previously projected. Second-quarter adjusted losses narrowed more than analysts had predicted, and sales topped estimates.

Grab has grown rapidly since its founding in 2012, but losses mounted as it spent on expansion and luring customers amid intense competition from rivals such as GoTo Group and Sea Ltd. A recent focus on cost curbs — including more than 1,000 job cuts in June — has brought the Singapore-based company on the brink of profitability for the first time.

The results are “a clean and solid beat especially on improving momentum in mobility and delivery,” analysts at Citigroup said in a note. The outlook reflects “effective cost control and clear execution direction.”

Grab said its adjusted full-year loss before interest, taxes, depreciation and amortization will be $30 million to $40 million, rather than the loss of $195 million to $235 million it forecast in May. Loss on that basis shrank to $20 million in the second quarter, versus analysts’ average estimate for a loss of $64.6 million.

Revenue rose 77% to $567 million, dispelling some fears that rising inflation and a gloomy economic outlook would damp customer spending.

Grab is among Southeast Asian internet giants that are treading a fine balance between spending on growth and focusing on profitability. Investors rewarded GoTo last week after it cut its 2023 loss projection, while punishing Sea after it reported disappointing revenue and outlined plans to increase investment in e-commerce.