GoTo Group‘s third-quarter gross revenue jumped 30% to 5.9 trillion rupiah (around US$375 million) compared with the same period last year. The super app attributed the improvement to growing take rates in its ecommerce and on-demand businesses.
The quarterly gross revenue of GoTo Group’s on-demand and ecommerce services jumped 31% and 27%, respectively, outpacing the rise in these segments’ gross transaction value (GTV).
Photo credit: GoTo Group
Operating loss in Q3 widened by 19% compared to Q3 last year, but narrowed by around 10% quarter on quarter. GoTo’s adjusted EBITDA loss also improved by around 11% from a year ago, and narrowed by around 10% from the second quarter of this year.
The company said that it achieved a positive contribution margin for its on-demand segment in September, ahead of its forecast, which predicted it would hit the milestone in Q1 next year. Its ecommerce segment is still expected to log a positive contribution margin by Q4 2023, while the group as a whole is expected to get there by Q1 2024.
See also: GoTo Group’s financial health in 4 charts
After securing around US$923 million via its IPO, the company’s cash position sat at around US$2 billion at the end-September quarter.
Last week, GoTo announced it was laying off 1,300 people, around 12% of its total workforce, amid the broad economic downturn.
Currency converted from Indonesian rupiah to US dollar: US$1 = 15,716 rupiah.
Editing by Miguel Cordon
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