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GoTo Gojek Tokopedia - 1 GoTo - 1 Jacky Lo - 1 Japan's - 1 Stefanno Sulaiman - 1 Stanley Widianto - 1 Kanupriya Kapoor - 1
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☆ Indonesia's GoTo reports significant drop in Q3 underlying losses
  + stars: | 2023-10-30 | by ( ) www.reuters.com   time to read: +1 min
JAKARTA, Oct 30 (Reuters) - Indonesia's biggest tech firm PT GoTo Gojek Tokopedia (GOTO.JK) reported 942 billion rupiah ($59.30 million) in underlying losses for the third quarter, a significant drop from last year's 3.7 trillion rupiah, the company said on Monday. The results came after the company reached a positive contribution margin since beginning of this year amid cost-cutting measures. "This was underpinned by a reduction in operating expenses as we eliminated redundancies and leveraged our technology to reduce costs," GoTo Group CFO Jacky Lo said in the statement. GoTo, which offers ride-hailing, e-commerce, and financial services, said its net losses for the period were at 2.4 trillion rupiah, a drop from last year's 6.7 trillion rupiah. ($1 = 15,885.0000 rupiah)Reporting by Stefanno Sulaiman; Writing by Stanley Widianto; Editing by Kanupriya KapoorOur Standards: The Thomson Reuters Trust Principles.
Persons: GoTo Gojek Tokopedia, GoTo, Jacky Lo, Japan's, Stefanno Sulaiman, Stanley Widianto, Kanupriya Kapoor Organizations: Japan's SoftBank, Thomson Locations: JAKARTA
☆ Indonesia's GoTo reports narrower Q1 loss, expects core profit in Q4
  + stars: | 2023-04-27 | by ( ) www.reuters.com   time to read: +1 min
Like many other tech companies, GoTo has been reducing its spending and laying off staff this year to ride out the global economic uncertainty. Group CEO Andre Soelistyo said in a statement the company was halfway towards becoming adjusted EBITDA positive in the fourth quarter. "A lower cost base will provide us with additional flexibility to allocate capital for the acceleration of growth in the future," GoTo Group CFO Jacky Lo said. GoTo posted a net loss of 3.9 trillion rupiah in the first three months of 2023, versus a loss of 6.6 trillion rupiah a year earlier. GoTo shares closed up 4.21% at 99 rupiah per share on Thursday before the earnings announcement.
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