Just Six Months In, GoTo Records Rp13.65 Trillion Loss

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Reza Pahlevi 31/08/2022 11:40 WIB

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GoTo's net loss increased by 117% year-on-year.

GoTo Gojek Tokopedia Revenue and Net Profit (First Half, 2021 vs 2022)

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GoTo Gojek Tokopedia Revenue and Net Profit (First Half, 2021 vs 2022)

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GoTo Gojek Tokopedia Tbk (GOTO) still recorded a loss in the first half of 2022. The loss even increased compared to the same period last year.

GoTo recorded net revenue of Rp3.4 trillion in the first half of 2022. This revenue increased by 73.3% year-on-year (yoy) from Rp1.96 trillion in the same period last year.

Despite the increase in revenue, GoTo's expenses increased. Cost of revenue increased by 66% (yoy), sales and marketing expenses increased by 235.5% (yoy), and general and administrative expenses increased by 50% (yoy).

As a result, GoTo's net loss swelled by 117% (yoy) despite the increase in revenue. This net loss increased to Rp13.65 trillion from Rp6.28 trillion.

GoTo targets achieving contribution margin breakeven on a consolidated basis in Q1 2024. Breakeven for on-demand services is targeted for Q1 2023, and e-commerce breakeven is targeted for Q4 2023.

Editor : Annissa Mutia

"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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Just Six Months In, GoTo Records Rp13.65 Trillion Loss

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