GoTo expects to achieve positive Group Adjusted EBITDA1 within the fourth quarter of 2023, while full year 2023 Group Adjusted EBITDA1 should be between Rp 5.3 to Rp 4.6 trillion.
Investors in Indonesia’s top tech giant GoTo Gojek Tokopedia PT Tbk (IDX: GOTO) are expressing mixed reactions to recent news. performance Report From the company which shows annual loss for 2022 financial year. According to details shared by the company, it reported a loss of 40.4 trillion Indonesian rupiah ($2.63 billion), one of its toughest years ever.
Based on what the company reported, it sees a huge increase in its net revenue, coming in at Rs 11.3 trillion in 2021 as against Rs 5.2 trillion. The company said its adjusted loss before interest, taxes, depreciation and amortization was pegged at Rs. 16 trillion as compared to Rs 16.5 trillion in 2021.
The company’s pride now rests on the fact that it was able to chart several significant milestones despite the losses incurred and the broader global economic outlook.
“We have made great progress on our accelerated path to profitability with particularly strong results in the fourth quarter,” Andre Soelistyo, CEO of Goto Group, said in a statement. Revenue growth thanks to a sharp focus on key monetization drivers targeting high-quality, profitable users. This, along with a disciplined approach towards costs, is boosting our profitability.
Soelistyo explained that part of the cost control measures included two rounds of layoffs that the company has implemented over the past year. According to GoTo Group, it is currently on the right track towards sustainable profitability.
Despite its lackluster performance, CNBC informed of There was a widespread sell-off in the company’s shares in the early hours of Tuesday. At the time of writing, GOTO is witnessing a rally with an increase of 1.85%. Till the time of writing the news, the shares are trading at Rs 110.
GoTo Gojek Outlook for the current financial year
According to GoTo Gojek, it is building on the template of stable consumer spending to drive the sustainability of its business going forward.
For its past fourth quarter, GoTo Gojek said it “maintained positive growth as a result of a focus on sustainable growth and engaging its high-quality consumer base with a pipeline of strategic products, as average consumer spending increased by 24%.” grew, reaching a record high of Rp 9.6 million per consumer per year in Q4.
With respective growth track record, the company is maintain its trajectory To turn its contribution margin2 positive within the first quarter of 2023. Additionally, it expects to achieve positive Group Adjusted EBITDA1 within the fourth quarter of 2023, while 2023 Group Adjusted EBITDA1 is expected to be between Rp 5.3 to Rp 4.6 trillion.
Overall, GoTo aims to continuously innovate to dominate the Southeast Asian tech scene.
Benjamin Godfrey is a blockchain enthusiast and journalist who loves to write about real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies drives his contributions to well-known blockchain-based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
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