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GoTo significantly cuts losses on reduced marketing spending
The latest financial report shows that the Indonesian tech giant achieved year-on-year (yoy) net revenue growth of 32 percent in the nine months through September, although its net revenue in this year’s third quarter was down 21 percent from the same period last year.
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A group of Gojek drivers use electric motorcycles in this undated handout photograph. (GoTo/Henry)
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T GoTo Gojek Tokopedia has reported strong performance so far this year despite significantly lower third-quarter net sales compared to a year ago.
According to the tech giant’s latest financial reports, GoTo’s net revenue in the January-through-September period of this year amounted to Rp 10.511 trillion (US$661.5 million), which is up 32 percent from the equivalent period of last year.
However, when looking only at the most recent quarter, net sales were down 21 percent year-on-year (yoy) at Rp 3.627 trillion.
The company attributed the decline to a Rp 1.5 trillion accounting adjustment made in the first half of 2022, which was recorded in last year’s third quarter.
The higher sales helped the company, which counts ride-hailing and delivery services among its main revenue streams, reduce its net losses to Rp 9.599 trillion for the first three quarters of this year, down more than half from losses amounting to Rp 20.912 trillion logged around this time last year.
The third quarter alone saw the company rack up Rp 2.387 trillion in losses, marking a significant improvement from the Rp 6.743 trillion in losses sustained a year earlier.
The company explained in a statement published on Monday that it had slashed expenses for incentives and marketing by 36 percent compared to last year, saving it Rp 2.1 trillion in the third quarter alone.
