GOTO's Net Loss Shrinks 53% in Q3 2023: Here's Why

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Cindy Mutia Annur 31/10/2023 20:20 WIB

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GoTo Gojek Tokopedia Tbk (GOTO) reported a net loss of Rp 9.54 trillion in the third quarter of 2023, a 53.05% year-on-year (YoY) decrease.

GoTo's Net Income Statement, Q3 2022-2023

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GoTo's Net Income Statement, Q3 2022-2023

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GoTo Gojek Tokopedia Tbk (GOTO) reported a net loss of Rp9.54 trillion (approximately US$620 million) in the third quarter of 2023. This loss represents a 53.05% year-on-year (YoY) decrease from the Rp20.32 trillion loss recorded in the same period of 2022.

The reduction in losses is attributed to GOTO's success in cutting operational expenses. These include a 53.51% YoY decrease in advertising and marketing expenses to Rp1.52 trillion, down from Rp3.27 trillion in September 2022.

Furthermore, employee salaries and benefits decreased by 5.81% to Rp4.21 trillion, compared to Rp4.47 trillion in September 2022.

Sales and marketing expenses also saw a significant decline of 57.23% YoY, falling to Rp4.82 trillion from Rp11.27 trillion.

The decrease in net loss coincides with a 32% YoY increase in GOTO's net revenue to Rp10.51 trillion in Q3 2023, up from Rp7.96 trillion in the same period last year.

GOTO's largest revenue source, service fees (commissions), saw a substantial 42.56% YoY increase in Q3 2023, rising from Rp6.23 trillion to Rp4.37 trillion. (Note: There appears to be a discrepancy in the figures provided in the original text. The increase should be from Rp4.37 trillion to Rp6.23 trillion).

Other revenue streams included a 6.4% YoY decrease in advertising revenue to Rp1.61 trillion, while delivery service fees increased by 52.92% YoY to Rp1.49 billion.

Additional revenue from other segments amounted to Rp1.16 trillion, a 30.43% increase from Rp894.08 billion in Q3 2022.

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."

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GOTO's Net Loss Shrinks 53% in Q3 2023: Here's Why

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GOTO's Net Loss Shrinks 53% in Q3 2023: Here's Why

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