Indonesia’s biggest tech firm PT GoTo Gojek Tokopedia Tbk posted on Monday a first-quarter underlying loss of 102 billion rupiah ($6.28 million), swinging from a profit in the previous quarter.
The result compares with 1.6 trillion rupiah ($98.5 million) in adjusted EBITDA (earnings before interest, tax, depreciation, amortisation) loss in the same period of 2023.
In the fourth quarter of 2023, GoTo said adjusted EBITDA turned positive to 77 billion rupiah.
The company said in a statement the change from a positive adjusted EBITDA from the previous quarter was due to the planned ramp-up of investments in the fintech segment, as well as seasonal slowness in the on-demand services segment in January and February.
“These factors were expected, and GoTo remains on track to hit adjusted EBITDA breakeven for the full year,” the company said in a statement.
The company also posted net revenues of 4.079 trillion rupiah ($251.02 million) for the first quarter of 2024. It reported full-year net revenues of 14.79 trillion rupiah ($941.44 million) in 2023.
Source: Reuters