GoTo's Revenue Increased in Q1 2023, Losses Shrunk by 40%

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Adi Ahdiat 03/05/2023 11:34 WIB

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GoTo's losses shrank by 40.3% year-on-year (YoY) in Q1 2023, driven by revenue growth and a decrease in product incentives and marketing expenses.

GoTo's Net Income and Net Loss* for Q1 (2022-2023)

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GoTo's Net Income and Net Loss* for Q1 (2022-2023)

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PT GoTo Gojek Tokopedia Tbk reported a net loss attributable to the parent entity of Rp3.86 trillion (approximately US$257 million) in the first quarter of 2023.

This figure is 40.3% lower year-on-year (yoy) compared to the net loss of Rp6.47 trillion (approximately US$431 million) in the first quarter of last year.

According to GoTo's management, the reduction in losses is supported by revenue growth and a decrease in incentives and product marketing costs.

In the first quarter of 2023, GoTo achieved net revenue of Rp3.3 trillion (approximately US$220 million), a growth of approximately 123% (yoy) compared to Rp1.49 trillion (approximately US$99 million) in the first quarter of 2022.

Meanwhile, its sales and marketing expenses decreased by 50.6% (yoy) from Rp3.3 trillion (approximately US$220 million) in the first quarter of 2022 to Rp1.6 trillion (approximately US$107 million) in the first quarter of 2023.

"The company continues to improve monetization and implement comprehensive cost savings," GoTo's management said in a press release on Thursday, April 27, 2023.

"During the first quarter of 2023, the number of profitable consumers remained stable and reached more than 70% of the total consumers. In addition, they transacted more frequently, with gross transaction value (GTV) per profitable consumer continuing to grow quarterly and contributing more than 70% of the Group's total GTV in the first quarter of 2023," it continued.

In the first three months of this year, GoTo's gross transaction value (GTV) came mostly from its financial technology (GoTo Financial) business unit, reaching Rp91.5 trillion (approximately US$6.1 billion).

Meanwhile, the GTV from e-commerce (Tokopedia) reached Rp62.8 trillion (approximately US$4.2 billion), and the GTV from the on-demand services segment (Gojek) reached Rp13.7 trillion (approximately US$913 million).

"The financial technology business unit is showing rapid progress towards profitability, while maintaining growth, along with the continuously increasing average transaction value per GoPay customer," said GoTo's management.

"The momentum of growth in the consumer lending business remains strong, with loan outstanding from GoTo's consumer lending business growing by 40% compared to the previous quarter, reaching a total of Rp831 billion (approximately US$55 million) in the first quarter of 2023," it continued.

Editor : Adi Ahdiat

"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 Revenue Increased in Q1 2023, Losses Shrunk by 40%

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