Bukalapak Q2 profit jumps 218%, revenue tops $97m

Bukalapak reported a 12% quarter-on-quarter revenue increase in Q2 2025, reaching 1.6 trillion rupiah (US$97.6 million).

Adjusted EBITDA improved to negative 14 billion rupiah (US$853,970), from negative 20 billion rupiah (US$1.2 million) in the previous quarter.

Net profit surged 218% to 355 billion rupiah (US$21.7 million), driven by lower administrative expenses and investment revaluation gains.

The gaming segment brought in 1.36 billion rupiah (US$82,957) in revenue, up 24% quarter-on-quarter, while the investment segment earned 14 billion rupiah (US$853,970), a 13% increase.

As of June 30, 2025, Bukalapak held 18.5 trillion rupiah (US$1.1 billion) in total cash, cash equivalents, and liquid investments, placed in instruments such as time deposits, government bonds, and money market mutual funds.

🔗 Source: Bukalapak

🧠 Food for thought

1️⃣ Gaming segment success reflects broader industry momentum

BUKA’s gaming segment achieved impressive 24% quarter-over-quarter growth to reach Rp 1.36 billion, positioning it as the company’s fastest-growing division.

This performance aligns with global gaming industry trends showing sustained growth, with U.S. consumer spending on gaming software reaching $49.9 billion in 2024, reflecting 2.2% year-over-year growth1.

The shift toward mobile gaming particularly benefits companies like BUKA operating in Southeast Asian markets, as gamers now spend an average of 10 hours per week on mobile games, surpassing console gaming1.

BUKA’s gaming success demonstrates how Indonesian companies can capitalize on these global trends while serving local market preferences.

2️⃣ Multi-segment portfolio strategy provides margin diversification

BUKA’s transformation toward a “leaner, more focused” structure includes maintaining four distinct business segments with varying contribution margins and growth profiles.

The Investment segment delivers the highest profitability with over 30% contribution margin despite generating only Rp 14 billion in revenue, while the Retail segment maintains a solid 27.6% margin[original article].

This diversified approach contrasts with single-focus e-commerce models, allowing BUKA to balance high-growth, potentially lower-margin segments like Gaming with stable, high-margin offerings like Investment services.