Shulou(Shulou.com)11/24 Report--

On the evening of November 21, Beijing time, it is reported that GoTo, Indonesia's largest technology company, today released its results for the third quarter of 2022. Driven by cost-cutting, GoTo's third-quarter loss narrowed.

GoTo reported third-quarter net revenue of 4.6 trillion rupees ($293 million), compared with 1.4 trillion rupees a year earlier. Adjusted EBITDA (earnings before interest, tax, depreciation and amortisation) posted a loss of 3.7 trillion rupees ($235 million), compared with a loss of 4.2 trillion rupees a year earlier.

GoTo also said profitability will continue to improve this quarter. Even so, GoTo lost 20.3 trillion rupees ($1.29 billion) in the first three quarters of this year, up 75 per cent from a year earlier. In the first three quarters of this year, GoTo's revenue more than doubled to 7.9 trillion rupees from a year earlier.

GoTo has always been optimistic about the current situation of the company. "We performed strongly in the third quarter and are accelerating profitability as revenue growth and adjusted EBITDA losses narrow," GoTo CEO Andre Solis (Andre Soelistyo) said in a press release today.

Goto was founded in May last year by the merger of Indonesian car hailing and takeout company Gojek and local e-commerce giant Tokopedia. In April, GoTo listed on the Indonesian Stock Exchange (IDX), raising $1.1 billion and a market capitalization of about $30 billion. As part of its cost-cutting measures, Goto announced last week that it would cut 1300 jobs, or about 12 per cent of its workforce.

Goto today expects gross revenue of 22.6 trillion rupees to 23 trillion rupees and GMV of 613 trillion rupees to 619 trillion rupees for the whole of 2022.

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