GoTo's 2022 Losses Swell, Exceeding Those of Grab and Sea Ltd.

Adi Ahdiat 24/03/2023 14:00 WIB

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In 2022, GoTo's losses swelled, far exceeding those of Grab and Shopee's parent company, Sea Ltd.

Losses of GoTo, Grab, and Sea Ltd (2021-2022)

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Losses of GoTo, Grab, and Sea Ltd (2021-2022)

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Three major Southeast Asian technology companies, GoTo, Grab, and Sea Ltd, all reported multi-billion dollar losses in 2022. The difference is that Grab and Sea Ltd's losses decreased, while GoTo's losses increased significantly.

According to unaudited financial reports, in 2022 GoTo posted a net loss of Rp40.4 trillion, or approximately USD 2.7 billion (at an exchange rate of Rp15,174 per USD), a surge of about 58% year-on-year (YoY).

"This increase in losses is due to several non-cash or one-time items and does not reflect the group's operational performance," GoTo management claimed in its press release (March 20, 2023).

GoTo attributed the swelling losses to an Rp11 trillion decrease in goodwill from the merger of Gojek and Tokopedia, a decline in GoTo's investment in the now-defunct JD.ID, and an increase in share-based employee compensation.

Meanwhile, Grab's net loss in 2022 decreased by 51% (YoY) to approximately USD 1.7 billion.

"We achieved these results by focusing on capturing the rising demand for mobility, optimizing costs, reducing service fees, and innovating our products and services," said Grab CEO and Co-Founder Anthony Tan in his press release (February 23, 2023).

The net loss of Shopee's parent company, Sea Ltd, also decreased by 19% (YoY) to approximately USD 1.7 billion. Despite the improved performance, Sea Ltd CEO Forrest Li stated that the company still faces many challenges.

"Given the macroeconomic uncertainties and our recent business pivot, we will continue to closely monitor the market and adjust our steps accordingly," said Forrest Li in his press release (March 7, 2023).

"While there may be short-term fluctuations in our performance, we remain very confident in the long-term growth potential of our markets," he 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."