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When I was a kid, it was always exciting when a school term came to a close, as it meant that the school holidays were approaching. However, it also came with a downside: bringing home my report card and showing it to my parents.
Just like how we have report cards in school and performance reviews at work, companies also have regular reviews, where they have to show their results – revenues, losses, and other financial details – to investors and other stakeholders. For publicly listed companies, these results are often announced to the world.
We’ve had quite a number of earnings reports from firms like Sea and Grab come out over the last few weeks. Now, it’s GoTo Group’s turn.
Today we look at:
- Some charts about GoTo Group’s financial health
- A cross-border payments startup that’s raised some funds
- Other newsy highlights such as Shopee rescinding job offers and FTX’s denial of the Huobi acquisition rumors
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Let’s go, GoTo
Image credit: Timmy Loen
With the announcement of GoTo Group’s Q2 2022 results, we’ve updated our handy charts that track the firm’s financial health. Here’s a look at how the company is faring:
- Some numbers: GoTo Group’s gross revenue for the first half of 2022 stands at US$700 million, and its losses before tax amount to US$1 billion. For reference, it recorded US$1.2 billion in gross revenue and US$1.5 billion in losses for the whole of 2021.
- Money in: Looking at the gross revenue for each of GoTo Group’s categories, its on-demand services – think ride-hailing or food delivery – are the top contributors at US$427.4 million. Ecommerce comes in second, followed by fintech.
- Money out: A large chunk of GoTo Group’s expenses came from promotions, which stood at US$426.9 million in the first half of 2022, followed by sales and marketing at US$493.5 million.
Read more: GoTo Group’s financial health in 4 charts
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