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GoTo’s Stock Plummets to New Low Despite Positive Q1 Results

Rary Maharani
Last updated: June 14, 2024 3:08 am
Rary Maharani
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2 Min Read
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  • GoTo’s stock hit a new low despite strong Q1 growth and a $200M buyback plan.
  • Experts suggest underlying challenges may be at play, even as analysts remain optimistic.
  • The company’s performance is seen as a barometer for Indonesia’s tech-driven economic pulse.

Contents
GoTo’s rollercoaster ride, buckle up!Decoding the enigma: experts weigh in

GoTo’s rollercoaster ride, buckle up!

GoTo Group’s stock prices hit a new 52-week low of 50 rupiah (US$0.0031) on June 10, closing slightly higher at 56 rupiah (US$0.0034).

This recent decline comes despite the company’s impressive 89% year-on-year growth in adjusted EBITDA for the first quarter of 2024, which had initially led to a brief upward momentum in its stock prices.

Decoding the enigma: experts weigh in

Pang Xue Kai, co-founder of Untukmu AI and former CEO of Tokocrypto, noted that GoTo is often seen as a barometer for Indonesia’s tech-driven economic pulse.

He suggested that the significant drop in GoTo’s stock prices may hint at underlying challenges that are not yet fully understood, even though Indonesia’s gross domestic product growth remains steady, posting an annual increase of over 5% in recent years.

In response to the declining stock prices, GoTo announced plans to buy back US$200 million of its shares. CEO Patrick Walujo stated that the company believes a buyback is prudent, given the improving cash flow and significant value in their stock.

Financial services firms such as CLSA and Jefferies have maintained their outperform and buy ratings, respectively, on GoTo Group as of last week, indicating their confidence in the company’s future performance.

To read the original article: https://www.techinasia.com/goto-hits-52week-share-buyback-plans

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