Still Burning Money, GoTo? Revenue and Expenses Since 2018

Technology & Telecommunications

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Reza Pahlevi 31/05/2022 14:00 WIB

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In recent years, GoTo's sales and marketing expenses have generally exceeded its revenue.

GoTo's Revenue and Sales/Marketing Expenses (2018-2021)

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GoTo's Revenue and Sales/Marketing Expenses (2018-2021)

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PT GoTo Gojek Tokopedia Tbk appears to have engaged in "money burning" activities during the 2018-2021 period.

Citing its financial reports, in recent years GoTo's sales and marketing expenses have generally exceeded its revenue, as shown in the graph.

In 2018, GoTo spent Rp8.08 trillion on sales and marketing expenses. This included promotional offers to Gojek and Tokopedia customers. However, GoTo's revenue that year was only Rp1.44 trillion.

A similar trend occurred the following year. GoTo recorded its highest sales and marketing expenses in 2019, reaching Rp14.37 trillion. This figure was 6 times greater than its revenue of Rp2.3 trillion.

A different picture emerged in 2020. In the first year of the pandemic, GoTo's sales and marketing expenses were recorded at Rp2.55 trillion, while its revenue was slightly higher at Rp3.33 trillion.

The "money burning" pattern reappeared in 2021, where GoTo recorded revenue of Rp4.54 trillion, but its sales and marketing expenses were almost double that amount, reaching Rp8.93 trillion.

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."