JAKARTA (Reuters) – Indonesia’s biggest tech firm GoTo announced on Tuesday that it has significantly reduced its underlying losses in the second quarter of 2023. The company reported a loss of 1.2 trillion rupiah ($78.25 million), compared to 4.3 trillion rupiah in the same period last year. This improvement can be attributed to the implementation of cost-cutting measures.
GoTo, which provides various services including ride-hailing, e-commerce, and financial services, has set a target to achieve profitability by the end of this year, according to a statement released by the company.
The company also reported a substantial increase in net revenues for the second quarter of 2023. The total revenue reached 3.6 trillion rupiah, representing an 86.7% growth compared to the previous year. Additionally, the gross transaction value for the period amounted to 143.7 trillion rupiah.
Furthermore, GoTo stated that it managed to reduce its losses by 48% in the first half of 2023 compared to the same period in 2022, indicating a positive trend towards achieving profitability.
The company’s performance has been closely monitored by industry analysts who are optimistic about its potential for future success. As one of the largest tech companies in Indonesia, GoTo has been expanding its services and attracting more customers with its diverse offerings.
Indonesia’s tech industry has experienced rapid growth in recent years, driven by the increasing popularity of online services. GoTo has been well-positioned to capitalize on this trend and has made strategic investments to further strengthen its market presence.
The positive financial results reported by GoTo reflect the effectiveness of its cost-cutting measures and the growing demand for its services. The company’s commitment to reaching profitability by the end of the year demonstrates its determination to deliver value to its stakeholders.
Stefanno Sulaiman, a reporter for Reuters, contributed to this article. It has been edited by Conor Humphries.
Credit: The Star : Tech Feed
