Shulou(Shulou.com)11/24 Report--

According to news on the evening of April 27, Beijing time, GoTo, Indonesia's largest technology company, today released its results for the first quarter of 2023. According to the financial report, the gross revenue of GoTo in the first quarter was 5.98 trillion rupiah (about $407 million, CTOnews.com Note: currently about 2.821 billion yuan), an increase of 14% year-on-year. The net loss was 3.9 trillion rupiah ($265 million, currently about 1.836 billion yuan), down 41 per cent from a year earlier.

Fourth quarter results:

The gross revenue of the camp was 5.98 trillion rupiah (407 million U.S. dollars), up 14 percent from 5.23 trillion rupiah in the same period last year.

Net revenue was 3.33 trillion rupiah, up 123% from 1.5 trillion rupiah in the same period last year.

Marginal income (Contribution Margin) was 636 billion rupiah, compared with a loss of 2.54 trillion rupiah in the same period last year.

The adjusted EBITDA (earnings before interest, tax, depreciation and amortisation) was a loss of 1.6 trillion rupiah, 64 per cent smaller than the 4.86 trillion rupiah in the same period last year.

The net loss was 3.9 trillion rupiah ($265 million), down 41 per cent from 6.61 trillion rupiah in the same period last year.

GoTo's adjusted EBITDA will be profitable in the fourth quarter of this year, Andre Soelistyo, CEO of GoTo, said in a statement. "We have greatly improved our efficiency by focusing on high-quality, profitable consumers and strictly controlling costs," he said. "

GoTo, formed by the merger of ride-hailing service provider Gojek and e-commerce company Tokopedia, laid off another 1300 jobs last month. Company CFO Jack Lou (Jacky Lo) said today: "A lower cost base will give us additional flexibility to better allocate capital for future growth."

Performance outlook:

GoTo expects adjusted EBITDA (earnings before tax, interest, depreciation and amortisation) to be profitable in the fourth quarter of this year. For the whole of 2023, the adjusted EBITDA loss will reach 5.3 trillion rupiah ($361 million) to 4.6 trillion rupiah ($313 million).

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