GoTo's Net Loss Balloons to Rp90.5 Trillion in 2023

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Cindy Mutia Annur 20/03/2024 07:00 WIB

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GoTo Gojek Tokopedia Tbk (GOTO) reported a net loss of Rp 90.5 trillion in 2023. This loss represents a 124% year-on-year (YoY) increase compared to the previous year.

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GoTo's Net Income Statement (2022-2023)

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GoTo Gojek Tokopedia Tbk (GOTO) reported a net loss of Rp90.5 trillion in 2023. This loss swelled by 124% year-on-year (YoY).

According to its press release on Tuesday (March 19, 2024), the surge in losses for the technology issuer was triggered by a goodwill reversal of -Rp78.8 trillion, as mandated by applicable financial accounting standards. This is a consequence of the Tokopedia and TikTok transaction, resulting in GoTo losing control of Tokopedia as of February 1, 2024.

However, GoTo stated that the loss resulting from the goodwill reversal is non-recurring, non-cash, and does not impact its adjusted EBITDA or cash flow.

Nevertheless, GOTO's operational performance has improved. Its net revenue reached Rp14.78 trillion in 2023, a 30% YoY increase.

Specifically, revenue from service fees jumped 37.42% YoY to Rp8.66 trillion. Advertising revenue reached Rp2.19 trillion, delivery service revenue Rp2.13 trillion, and other revenue Rp1.79 trillion.

On the other hand, GOTO's expenses decreased significantly by 39.86% year-on-year to Rp25.06 trillion in 2023. In 2022, the Gojek parent company's expenses totaled Rp41.67 trillion.

As a result, GOTO's operating loss shrank by 66.11% to Rp10.27 trillion in 2023. In 2022, the operating loss of the company owned by Gojek and Tokopedia reached Rp30.32 trillion.

Editor : Erlina Fury Santika

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."