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Despite Losses, GoTo, Grab, and Sea Ltd Remain Optimistic in Q3 2022

Adi Ahdiat 22/11/2022 11:30 WIB

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Three Southeast Asian decacorns, namely GoTo, Grab, and Sea Ltd, all reported losses in the hundreds of millions of dollars in the third quarter of 2022.

Goto, Grab, and Sea Ltd. Net Income Statement (Q3 2022)

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Goto, Grab, and Sea Ltd. Net Income Statement (Q3 2022)

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Three Southeast Asian decacorns—GoTo Gojek Tokopedia Tbk, Grab Holdings, and Sea Ltd—all reported losses in the hundreds of millions of dollars in the third quarter (July-September) of 2022.

During Q3 2022, GoTo recorded net revenue of Rp4.56 trillion and a net loss of Rp6.74 trillion.

Converted to US dollars (using an exchange rate of Rp15,715 per US$), GoTo's net revenue for that period reached US$290.67 million, and its loss was approximately US$428.97 million.

Meanwhile, Grab reported higher revenue than GoTo, at US$382 million during the same period. However, Grab's loss was lower, at US$342 million.

The parent company of Shopee, Sea Ltd, reported the highest revenue among these decacorns, at US$3.15 billion, although its loss was also the largest, reaching US$569.27 million.

Although still losing money, these three decacorns claim their performance in Q3 2022 improved compared to the previous period.

"We recorded strong performance in the third quarter, accelerating our path to profitability, driven by revenue growth and reduced adjusted EBITDA losses," said GoTo Group President Director Andre Soelistyo in a press release on Monday, November 21, 2022.

Similar optimism was expressed by Grab Holdings CEO Anthony Tan.

"Third-quarter results demonstrate our ability to drive growth and profitability simultaneously. We are confident that we have a strong foundation to continue building a sustainable business," said Anthony in his official statement on Wednesday, November 16, 2022.

Sea Ltd management also conveyed similar sentiments, although they acknowledged significant challenges facing the business world.

"Given the significant uncertainties in the macro environment, we have completely shifted our mindset and focus to achieving self-sufficiency and profitability as soon as possible, without relying on any external funding," said Sea Ltd founder Forrest Li in a press release on Tuesday, November 15, 2022.

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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Despite Losses, GoTo, Grab, and Sea Ltd Remain Optimistic in Q3 2022

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