- GoTo Group narrowed its losses, reporting an adjusted EBITDA loss.
- Gross revenues soared 18% to $256.7 million.
- Total transaction value climbed 20% to $7.1 billion.
Profitability pursuit pays off
Indonesia’s GoTo Group showcased an 89% year-on-year improvement in adjusted EBITDA, reporting an adjusted loss of 102 billion rupiah (US$6.2 million) for Q1 2024. The company remains committed to maintaining adjusted EBITDA profitability throughout 2024, as stated by CFO Jacky Lo.
Gross revenues surged 18% to US$256.7 million on a pro-forma basis in Q1 2024, driven by user growth, buy now, pay later ecommerce adoption, and accelerated integration with TikTok-Tokopedia.
Losses shrink, transaction value climbs
Gojek’s on-demand services arm posted a 12% revenue jump to US$206 million, complemented by a 57% boost in fintech revenues at US$41 million.
GoTo’s losses plummeted 85% year-on-year to US$25.8 million in Q1 2024. Furthermore, the group’s total transaction value soared 20% to US$7.1 billion, indicating robust growth.
CEO Patrick Walujo expressed confidence in even faster growth for the remainder of 2024.
To read the original article: https://www.techinasia.com/goto-group-logs-adjusted-profit-xx-q1
