GoTo Gojek Tokopedia Narrowed Net Loss in First Quarter Amid Cost-Saving Measures

By Yi Wei Wong

GoTo Gojek Tokopedia narrowed its net loss in the first quarter amid cost-saving measures, which helped reduce operating costs.

The Indonesian technology company said on Thursday that its net loss narrowed 41% on year to 3.899 trillion Indonesian rupiah ($262.6 million).

Gross revenue rose to IDR5.981 trillion from IDR5.231 trillion a year ago.

GoTo said group adjusted Ebitda loss narrowed to IDR1.597 trillion in the first quarter, compared with a loss of IDR4.859 trillion a year ago.

GoTo also hit a key profitability metric, as group contribution margin turned positive in the first quarter, increasing 224 basis points on year to IDR636 billion, in line with its previous guidance.

By prioritizing high-quality users, GoTo expects growth in gross transaction value to slow in the second quarter.

GoTo said it continues to expect positive group adjusted Ebitda in the fourth quarter.

Write to Yi Wei Wong at yiwei.wong@wsj.com

(END) Dow Jones Newswires

April 27, 2023 06:46 ET (10:46 GMT)

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