Gabriel Budi Sutrisno · · 2 min readGoTo narrows adjusted loss in Q4 as profit deadline draws near
Image credit: GoTo Group
GoTo, the Southeast Asian ride-hailing and food delivery giant, has posted a negative adjusted EBITDA of 3.1 trillion rupiah (US$202 million) for the fourth quarter of 2022. This represents a 52% improvement on a year-over-year basis.
The group registered 6.3 trillion rupiah (US$410.2 million) in gross revenue in Q4 of its fiscal year 2022, a 19% increase from the same quarter in FY2021.
However, its net loss widened to 19.5 trillion rupiah (US$1.2 billion) in Q4 2022, which the company attributed to costs such as those associated with the merger of Gojek and Tokopedia and its investment in JD.com, among others.
Excluding those one-off restructuring costs, GoTo said its net loss for Q4 2022 stood at only 6.5 trillion rupiah (US$424 million), decreasing 3% quarter over quarter.
“The scaling back of incentives and product marketing spend has not come at the expense of revenue growth, thanks to a sharpened focus on key monetization drivers that target high-quality, profitable users,” Andre Soelistyo, GoTo Group’s CEO, said in a statement.
GoTo said it had reduced incentives and product marketing in the quarter by 34% compared to the same year-ago period.
The company slashed 600 more positions earlier this month, adding to the 1,300 jobs it had cut in November 2022. In February, GoTo unveiled a major restructuring plan across its executive team and commissioner board, which saw former Tokopedia CEO William Tanuwijaya become co-chairman of the group.
Currency converted from Indonesian rupiah to US dollar: US$1 = 15,347 rupiah.
Editing by Thu Huong Le and Eileen C. Ang
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