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GoTo's Q1 net loss drops 41% after cost-cutting measures
GoTo states that it is halfway to achieving positive adjusted EBITDA during the fourth quarter this year.
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GoTo president director Andre Soelistyo speaks during the technology company's initial public offering (IPO) in Jakarta, as seen in this undated handout photo provided by GoTo. (AFP/Handout)
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oTo saw its net loss fall 41 percent year-on-year (yoy) in the first quarter to Rp 3.9 trillion after it cut incentives and operational costs, which helped the company achieve steady revenue growth.
The homegrown tech giant has taken several cost-saving measures toward efficiency, including a Rp 2.6 trillion cut on incentives and marketing spending.
GoTo reported that it had reduced operating costs by around Rp 460 billion, and that it had saved around Rp 210 billion in personnel costs after laying off employees in November.
The company saw its gross revenue grow 14.3 percent yoy in the first quarter to Rp 5.98 trillion, fueled by top-line yoy growth in its financial technology and e-commerce business of respectively 25 percent and 21 percent.
Its revenue growth and cost-cutting measures has improved GoTo’s adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) by 67.1 percent to minus Rp 1.6 trillion.
"We are halfway towards positive adjusted EBITDA within the fourth quarter,” GoTo CEO Andre Soelistyo said in a statement on Thursday.
“Our focus on high-quality profitable consumers, along with a disciplined approach to costs, has significantly increased our efficiency and gives us a glimpse of what the future looks like for GoTo," he added.
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