Photo credit: GoTo Group
Indonesia’s biggest digital ecosystem GoTo is racing toward being profitable after cutting jobs and restructuring its operations.
The company expects adjusted EBITDA to become positive within the fourth quarter of 2023. Group contribution margin is set to become positive within Q1.
“We must now prioritize sustainable profitability over rapid growth, while continuing the product innovation that will ensure long-term value creation for GoTo and its stakeholders,” Andre Soelistyo, CEO of GoTo Group, said in a statement.
The company’s Q3 2022 gross revenue had jumped 30% to around US$375 million compared with the same period in 2021.
Amid the economic downturn, the group slashed 12% of its workforce – or about 1,300 jobs – in November 2022. At the time, Soelistyo said the decision was made “thoughtfully and with care.”
Last week, GoTo announced several changes to its leadership structure to strengthen “operational efficiency.”
Editing by Thu Huong Le and Eileen C. Ang
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