JAKARTA (Reuters) – Indonesian tech firm PT GoTo Gojek Tokopedia Tbk reported a net loss of 20.32 trillion rupiah ($1.29 billion) between January and September 2022, according to financial statements published on Monday, amid a sell-off in tech stocks.
Losses widened from the same period last year, when the firm reported a 11.57 trillion rupiah net loss, according to the statements.
GoTo said in a press statement following the result that it saw financial improvements in the April-June 2022 period and expected to see more over the coming quarters.
“This will be driven by improvement in take rates, further rationalization of promotion spend and the identification and retention of high-quality core users,” the company said in the statement.
In Q3 2022 alone, GoTo’s gross revenue was up 30% from the same period last year to 5.9 trillion rupiah and its adjusted EBITDA loss narrowed by 11% year-on-year to 3.7 trillion rupiah.
Shares of GoTo closed at 210 rupiah per share on Monday, down 5.41% in intra-day trade. The financial results were made public after market closing.
Last week, GoTo announced layoffs of 1,300 employees or 12% of its total permanent workers citing the souring global economic situation.
($1 = 15,710.0000 rupiah)
(Reporting by Stefanno Sulaiman; Editing by Kanupriya Kapoor)
